Wal-Mart sticks to sales forecasts
October prospects brighter for US sales
Wal-Mart is sticking to a forecast of 2 to 4 per cent sales growth in US same store sales for October, and expects growth to be higher than the 2.3 per cent seen in September.
At the mid-way point of the month, the world’s biggest retailer said that growth in average spend was stronger than customer traffic, which declined in the run-up to the mid-month pay date for many US workers. This paycheck-to-paycheck trend suggests that many US households are still feeling the pinch.
Wal-Mart’s strongest product categories for the US were bedding, boyswear, food, health and beauty aids, and pet supplies. Strong items in boyswear included activewear and graphic t-shirts. The Northeast and the Southeast of the US were the strongest sales regions.
Figures from US trade association the National Retail Federation show that total September retail sales in the GAFS category were up 6 per cent year on-year, and 0.7 per cent over August. The category excludes grocery sales, covering general merchandise, clothing and accessories, furniture and home furnishings, electronics and appliances, and sporting goods, hobby, book and music stores.
NRF chief economist Rosalind Wells said: “Though many analysts had written off September as sluggish, consumers behaved otherwise. Consumer behaviour has been erratic this year, but shoppers are starting to show signs of life.”
