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CNBC reports this morning that while Walmart reported a 2.8 percent increase in quarterly sales, US same-store sales were flat, which new CEO Doug McMillon blamed on "intense competition" and "weak consumer spending."

"We're encouraged by the performance of our small-format stores and e-commerce, areas where we're investing significantly this year. But we wanted to see stronger comps overall in Walmart U.S.,'' McMillon said in a statement.

Walmart said that its e-commerce sales, which includes orders fulfilled by stores, were up by double digits.
KC's View:
Isn't it almost always the case the stagnant sales are caused by intense competition and/or weak consumer spending?

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