Wal-Mart looking for Valentine’s sales boost
US sales on track across past week
Wal-Mart was hoping for a boost to its sluggish general merchandise sales in US stores over the weekend as customers stocked up on Valentine’s Day merchandise.
With February 14 falling on Monday this year, Wal-Mart was forecasting that last-minute lovers had left it until the weekend to buy cards and gifts.
The world’s biggest retailer said that food sales drove like-for-like comparisons on the seven days to Friday, February 11, with general merchandise comparative sales weaker.
Higher average sales rather than increased footfall were the biggest driver of sales growth. Wal-Mart said: “With Valentines Day falling on Monday this year versus Saturday last year, sales towards the end of the week softened, but are expected to pick up over the weekend.”
The retailer’s comparative sales for the US are still forecast to grow at between 2 per cent and 4 per cent across February as a whole.
US trade association the National Retail Federation is forecasting that Valentine’s Day spending will reach $13.19bn this year, with two-thirds of consumers planning to purchase at least one card, more than half of men planning to buy flowers and one in five plan to buy jewellery.
[img r]interflora1.jpg[/img]While Valentine’s Day spending last year was propelled by young adults, spending this year will be spurred by middle-aged consumers, according to BIGresearch, which surveyed consumers for the NRF.
Phil Rist, vice president of strategy for BIGresearch, said: “This year, moms and dads will be doing most of the Valentine’s Day spending while college students take a back seat. Retailers will be counting on middle-aged consumers to provide the bulk of their Valentine’s Day sales this year.”
