Economic Stimulus Program a success – Wal-Mart’s sales soar

The Great Economic Stimulus Program of 2008 can now officially be called a remarkable success. Wal-Mart had a fantastic month in June, selling 5.8 percent more of its primarily Chinese-made inventory.

Shoppers stimulate discount stores

NEW YORK (CNNMoney.com) — Consumers sought the biggest bang for their economic stimulus bucks in June, sending the sales of discount merchants such as Wal-Mart and Costco surging.

“The perception of a weakening economy will prevail in people’s shopping moods and where they decide to spend their money,” said Ken Brown, retail analyst for ResearchConnect.com, a research Web site.

As the economy remains weak, Brown said shoppers – rich and poor – are flocking to discounters for low-cost goods.

“I think you’ll see a wider spread of people, demographically, in Wal-Mart today than you would have a couple of quarters ago,” he said.

Wal-Mart Stores Inc. trounced analyst expectations Thursday with a 5.8% jump in June sales for stores open at least one year, attributing the increase to the government’s economic stimulus payments.

Wal-Mart officials added that in their continuing effort to improve the quality of life of its employees, they will use part of stimulus profits to give Dennis Hagerfield, a greeter at a Wal-Mart in Des Moines, a coupon worth 25 percent off a new shirt, provided Hagerfield buys one at a comparable price.

–WKW