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Wal-Mart May Same-Store Sales Up 4.4%

 
FOXBusiness
     
    Wal-Mart Storefront [276]

    Wal-Mart (WMT) saw its monthly retail sales jump in May as more consumers turned to the discount retailer to weather the struggling economy.

    The discount retail giant said same-store sales including fuel rose by 4.4% in May, much higher than the 1.6% increase expected by analysts interviewed by Thomson Reuters.

    Excluding fuel sales, same store performance rose by 3.9%.

    “Our comparable-store sales continue to increase because of our price leadership, merchandising initiatives and operational improvements," Eduardo Castro-Wright, Wal-Mart U.S. president and chief executive officer, said in a statement. "We also believe we're seeing some benefits from the stimulus checks."

    Wal-Mart, along with the other warehouse and discount retailers, has seen their sales increase in recent months as the economy has continued to decline.

    Also, the Wall Street Journal said Thursday Wal-Mart plans on appointing Gregory Penner, the 38-year-old son-in-law of Wal-Mart chairman S. Robson Walton, to the company’s board of directors. Wal-Mart's annual shareholder meeting is Friday.