Wal-Mart May same-store sales up 1.1 pct
Wal-Mart Stores Inc report May sales at US stores open at least a year toward the low end of its forecast and gave a cautious view for its June sales on Thursday.business Updated: Jun 07, 2007 19:04 IST
Wal-Mart Stores Inc reported May sales at US stores open at least a year toward the low end of its forecast and gave a cautious view for its June sales on Thursday, adding that shopper worries about gas prices have increased from January through April.
The world's largest retailer, which has been struggling to revive sales at its US stores, also said sales in its apparel and home businesses continue to be soft.
While it expects to see improvement in these categories beginning in the third quarter, it said "more significant" progress is anticipated during the fourth quarter.
For May, Wal-Mart said sales at US stores open at least a year rose 1.1 per cent, excluding fuel. Including fuel, US May same-store sales rose 1.3 per cent.
Wal-Mart had forecast a May same-store sales gain of 1 per cent to 2 per cent.
Wal-Mart said net sales in the four weeks ended June 1 rose 7.7 per cent to $28.26 billion.
For June, it expects same-store sales to be between flat and 2 per cent.