Wal-Mart sticks to forecasts
May sales hit targets
Wal-Mart is maintaining its forecast for US same store sales growth in June, after sales for May fell in the mid range of its estimates.
In the four weeks to May 27, total US comparable sales grew by 2.5 per cent. The retail giant had been forecasting growth of between 2 to 4 per cent. Comparable sales were up 2.7 per cent in Wal-Mart stores and by 1.6 per cent at the Sam’s Club warehouse operation.
Comparative sales growth was stronger in food than in general merchandise, with average spend a stronger driver of growth than increased customer footfall.
Total company sales for May were $23.4bn, an increase of 9.3 per cent. In the US, Wal-Mart sales were $15.7bn, up 9.1 per cent, and with Sam’s Club sales of $3.1bn up 4.4 per cent.
International sales, including Asda in the UK, were up 13.6 per cent to $4.7bn, with the strongest performance coming from Argentina, Brazil, and Mexico.
Wal-Mart is sticking to its guns, with a forecast for the June five week sale period of US comparable store growth again in the 2 to 4 per cent range.
