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Wal-Mart stores Hum as Gas Prices Plummet

By Home Textiles Today Staff -- Gifts and Dec, 11/19/2008 12:47:00 PM

New York — The recent drop in gas prices made an immediate impact on Wal-Mart’s store traffic, president and CEO of U.S. Eduardo Castro-Wright said earlier today.

Addressing the Morgan Stanley Global Consumer & Retail Conference, Castro-Wright said that during the month of October, frequency of visits jumped sharply in rural communities and increased in urban areas as well, after several months of steady decline in both market types.

“But we have not seen a significant change in ticket,” he added.

Nonetheless, he argued the chain is accelerating its market share gains. In October, Castro-Wright said, Walmart captured 51.7 percent of total U.S. sales retail growth – "more than 50 percent of every dollar of new growth.”

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