Walmart's gains tapered off with the stimulus payments, CEO Doug McMillon said, while Target CEO Brian Cornell played down the successful quarter.
"My sense is that the order of things, the order of tailwinds that impacted the business were one, stimulus, two, eating at home, three, being at home, and all the things that you wanted to do to have the indoors and outdoors be more pleasurable," he said.Walmart, which receives around 10 percent of every dollar in non-automotive retail spending in the U.S., can be seen as a bellwether for economic distress.
"We're not on planes. We're not spending dollars on lodging, so many of those dollars have been redirected into retail," heHe said consumer dollars had been redirected from spending on vacations or typical summer activities during lockdowns.
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