The Global Macro Monitor takes a look at Wal-Mart's latest earnings report for the week and shows that about 40% of Wally-World's year over year revenue growth in Q1 was due to the foreign exchange effect with the dollar fluctuation and tax cut relief. Though not the funny accounting and outright fudging of numbers, still somewhat misleading as to their actual performance.
So with higher fuel prices (that will affect their distribution costs) and interest rates it probably won't be seen in the coming quarters.