Wal-Mart U.S. same-store sales up
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Thu, 06 Dec 2007 15:17:02 GMT |
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NEW YORK (Reuters) - Wal-Mart Stores Inc on Thursday reported a 1.5 percent rise in November sales at U.S. stores open at least a year, saying it had "solid" sales as the holiday rush got under way the day after Thanksgiving.The results were slightly better than analysts' average forecast for a 1.2 percent gain, according to Reuters Estimates, and were within Wal-Mart's forecast for U.S. same-store sales to be flat to up 2 percent.But sales at its namesake stores continue to lag despite an early push to cut prices on key holiday items, and the world's largest retailer forecast a U.S. same-store sales gain of 1 percent to 3 percent for the holiday-heavy month of December.A year ago, December U.S. same-store sales rose 2.6 percent, it said..Shares fell almost 1 percent to $48.50 in early New York Stock Exchange trading.Wal-Mart, which is working to revive sales in its namesake discount stores, rolled out an early holiday push, cutting prices on popular toys at the end of September and reducing prices on an additional 15,000 items.It is also heavily promoting its low prices with TV ads and an extensive online push, as its core lower-income shoppers feel the pressure of higher food and fuel costs, the slowing housing market, and the credit market crunch.Sales at its Sam's Club warehouse division continued to outpace results at its Wal-Mart discount stores.It said November sales at U.S. Wal-Mart stores open at least a year rose 1 percent, while same-store sales in its Sam's Club warehouse division advanced 4.3 percent.Traffic at its U.S Wal-Mart stores open at least a year fell in the month compared with November a year ago, it said.Sales were strong in grocery and prescription drugs, but lagged in its home and apparel businesses, where it has been struggling.The retailer said net sales in the month rose to $31.72 billion from $29.27 billion a year earlier.(Reporting by Nicole Maestri; editing by John Wallace and Dave Zimmerman)
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