Walmart saw total revenue improve to $187.9 billion for Q2, up 5.9% from the same time frame last year (at $177.4 billion). However, U.S. comp sales missed Wall Street projections, rising 2.6% YoY versus the 3.7%-3.8% expected (more).

Ross Stores delivered a very strong second-quarter report card, with EPS coming in at $2.66 versus $1.56 in the year-prior period. Sales improved by 13% to $6.26 billion, and same-store sales trended upward by 10%. “Our performance was fueled by our compelling merchandise offerings, engaging marketing initiatives, and continued enhancements to the in-store experience,” said CEO Jim Conroy (more).

Shein is targeting its Hong Kong IPO with an upper-range valuation of ~$27 billion, a figure down significantly from its 2022 valuation of $98.2 billion. Profitability pressures, natural slowdown of its once-rapid growth, and other headwinds could be to blame (more).

The U.S. national debt has been notched at $40 trillion and rising, a new record, with about $7 billion being added to the total on a daily basis. “Unsustainable borrowing on this scale has huge repercussions throughout the economy, straining efforts to address affordability and risking a dangerous debt spiral if lawmakers don’t act,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget (more).

Columbia House, famous for its ads promising 12 CDs for a penny and similar deals on cassettes or records, will soon be ceasing operations. Reports suggest it had been making as much as $1.4 billion in revenue at its peak in the mid-1990s (more).