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Heard during Wal-Mart's (WMT +1.1%) talk at the BofA Consumer & Retail conference: On the...

Heard during Wal-Mart's (WMT +1.1%) talk at the BofA Consumer & Retail conference: On the current status of the U.S. consumer, CFO Charles Holley says delayed tax refunds are a bigger factor than higher payroll taxes. He notes trends for its own refund check cashing numbers and its understanding from tax preparers is that many returns will be processed at the last minute this year. Food inflation shouldn't be a major factor this quarter, according to Holley. (previous) (webcast)
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