Home / Markets / Industries / Retail
Thursday, May 08, 2008
Wal-Mart Sales Top Estimates
FOXBusiness
Retail titan Wal-Mart's sales stayed afloat in April amid the turmoil in the economy, rising 3.2% to top Wall Street's expectations.
Wal-Mart (WMT) relieved the market, which was worried soaring energy and food prices along with gloomy economic headlines would cause slower sales at the key retailer.
The 3.2% rise in April same-store sales excludes fuels and beats estimates from Thomson Reuters for a smaller 2.1% increase. Including fuel, Wal-Mart's sales rose 3.8%.
Wal-Mart, which is one of 30 members of the Dow Jones Industrial Average, issued a somewhat cautious forecast for May, predicting flat to up 2% same-store sales.
Sam's Club, which is a division of Wal-Mart, reported a 6.8% increase in April same-store sales. The results were fueled by the shift in the Easter holiday as well as strong sales in dry grocery, office supplies, furniture and video games. However, Sam's Club saw weakness in apparel, housewares and jewelry.
Those results beat the namesake chains' 2.6% rise in sales. Wal-Mart Stores' sales were boosted by its results in grocery, entertainment and health and entertainment. Wal-Mart also said sales in the home area remains "soft," while apparel sales rebounded.
"The economy continues to get tougher and the 'paycheck cycle' is more pronounced for customers than in past months. As money gets tighter for them toward the end of the month, sales drop more than we have seen in the past," Eduardo Castro-Wright, chief executive and U.S. president of Wal-Mart Stores, said in a statement.
Wal-Mart's international sales growth easily beat domestic results, soaring 18.4%. Sales in China jumped by double-digits.
Earlier on Thursday Costco (COST) reported a solid 8% increase in sales, easily beating expectations from Thomson Reuters of a 6.1% jump.
Fox Business Video
-
-
The Crisis With 20/20 Hindsight
-
Nov 21, 2009
FOXBusiness.com LIVE
-
-
-
Jerry Rice Talks Career
-
Nov 21, 2009
NFL Receiver on career on the gridiron
-
-
-
John O'Hurley as Venture Capitalist
-
Nov 21, 2009
Comedian on life as venture capitalist
-
-
-
Excess Spending in Congress
-
Nov 21, 2009
Saving $100 Million
-
-
-
Cavuto Business Report 11-20-09
-
Nov 21, 2009
Business Report: Cavuto
-






