US discounters stick to forecasts
Wal-Mart and Target see modest rise
Wal-Mart and Target, the leading US discount retailers, are both sticking to modest same-store forecasts for sales gains in August.
Wal-Mart said it still expects a 2 per cent to 4 per cent increase in same store sales for the month, having stressed previously that it does not expect to match last year 6.9 per cent same-store sales increase, which was boosted by child tax credits in the US.
Wal-Mart said the best-selling categories last week included food, paper goods due to price inflation, back-to-school lines, and pet supplies.
Its stores in the US south and southeast saw the strongest sales as people stocked up ahead of Hurricane Charley, which hit Florida at the end of the week. Products including uct tape, headlights, matches, rope, and bottled water were among the top sellers.
Target said same sales were in line with its August. forecast of flat sales to a 2 per cent increase.
