Most chief executives grab any opportunity to thump the table about record sales and earnings. Not so Lee Scott, chief executive of Wal-Mart. Announcing the US retailer’s second-quarter results on Tuesday, he brushed aside the big headline numbers. Instead, he focused on the weaknesses that led Wal-Mart to miss consensus forecasts and modestly downgrade its full-year guidance.

Mr Scott’s candour is welcome but, given Wal-Mart’s bellwether position, depressing for investors. There are some specific problems, for example, in the company’s apparel lines. Wal-Mart is also trying to reconnect with its core US consumer base, typically those on a tight budget. Mass price cuts, aimed at clearing inventory backlogs, are also intended to re-establish Wal-Mart’s leadership in discount retailing.