After a wave of fear took over the markets and broader public following sweeping tariff announcements in the spring, the consumer has proven its resiliency yet again. Overall, consumer spending remains relatively steady – with a few exceptions.

Walmart (WMT), who captures the largest grocery market share of any U.S. company, had previously announced a major tone shift on its pricing back in May. Hailed as one of the most affordable, price-conscious companies, the big box retailer warned of price increases throughout the summer months. This was still echoed on its most recent earnings call, but in a far more muted manner.

CEO Doug McMillon said middle- and lower-income households are still more sensitive to price increases. However, the CFO John David Rainey said the company remains committed to keeping prices low, which includes speeding up imports from overseas and stepping up the number of rollbacks at stores. Rainey also noted that Walmart has not yet seen a significant change in customer spending, and its results further prove this.

Comparable sales for the chain rose 4.6% in the second quarter, as both grocery, health and wellness categories saw strong growth. Customer transactions also climbed 1.5% year-over-year, and average ticket size increased 3.1% for its U.S. business.

Target (TGT) provided a very different message on its earnings call earlier in the week. Although comparable sales improved and beat consensus, management provided a familiar narrative: Target is still not where it wants to be on a long-term basis. The retailer has struggled with annual sales that have remained roughly flat for the past four years following booming pandemic-era growth.

Sales at home-improvement retailers Home Depot (HD) and Lowe’s (LOW) both improved after a disappointing spring selling season. Home Depot specifically called out the effects of a deferral mindset still weighing on consumers. Meaning: consumers are still holding out on making big ticket purchases until interest rates come down, and mortgage rates stabilize.

TJX Companies (TJX) was one of the brightest spots of retail reports for the week. Not only did the discount retailer beat top and bottom-line expectations, it was able to raise its guidance for the remainder of the year, and post same-store-sales growth of 4% - which is impressive in an environment where comps have proven challenging on a year-over-year basis.

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