Wal-Mart sees October same-store sales up
Wal-Mart Stores estimated that October sales rose 4.3 percent at its U.S. stores open at least a year on Saturday, beating its forecast, helped by demand for food and petrol.
Wal-Mart had forecast a 2 percent to 4 percent increase in October sales at stores open at least a year – a key retail measure known as same-store sales.
Wal-Mart will release its final October sales figure on Thursday, which is also when most other major retailers report their monthly results.
For the latest week, Wal-Mart said demand for general merchandise outpaced food, although it expected candy sales to pick up this weekend ahead of Halloween on Monday.
Wal-Mart said five of its stores were closed because of Hurricane Wilma, while one remained closed due to Rita and nine from Katrina.Wall Street is expecting retailers to report modest sales growth for October, with the long-awaited arrival of cooler weather in parts of the United States expected to increase demand for fall clothing and other merchandise.
Consumer spending has proved resilient in the face of steep energy prices and rising interest rates, but analysts remain on the lookout for any signs of weakness.
