Walmart held on to its seasonal goods, he said. Target, he said, got caught up in the moment. And while he said it wasn’t the company’s fault at that time, it decided to slash prices. In the process, Target changed its customers’ behavior.

Between the pandemic upending shopping habits five years ago and the economy causing consumers to tighten their purse strings in 2025, it’s been a tumultuous half decade for retailers.

Walmart Inc. powered through an uncertain economic environment and tariff concerns to deliver solid second-quarter financial results Thursday, showing it keeps pulling in shoppers and outpacing peers like Target.

Rivals Target and Walmart have long been considered polar opposites. The biggest difference lately, though, is financial performance, underscored by the retailers' earnings reports this week.

Adjusted earnings per share were softer than Wall Street was projecting, coming in at 68 cents a share, compared with estimates for 73 cents. The adjusted figure excludes one-time gains on equity and other investments,

Walmart CEO Doug McMillon said tariff impacts have been gradual, but the company is seeing “costs increase each week” while middle and lower-income households are already changing their buying habits.