WAL-MART SAME STORE SALES OUTPACE TARGET
Wal-Mart raised its third quarter profit forecast despite reporting that its total U.S. same-store sales in September rose only 1.4%. As a result, Wal-Mart shares rose 3.4% in midday trading yesterday (October 10), while Target’s stock fell slightly.
September same-store sales at U.S. Wal-Mart stores rose 0.8% and increased 4.4% at Sam's Club warehouse. Total sales for the five weeks ended October 5 rose almost 10% to $34.406 billion as compared to the prior year.
Meanwhile, Target’s September same-store sales rose 1.2%. Sales for the five weeks ended October 6 rose 6.2% to $5.19 billion from a year earlier.
Wal-Mart said monthly sales were hurt by the weather and tighter consumer spending, while Target reported weak traffic.
Next month, Target is slated to have higher same-store sales. The company predicts comps will fall between 3% and 5%, while Wal-Mart expects same-store sales growth will be flat to 2%.
September same-store sales at U.S. Wal-Mart stores rose 0.8% and increased 4.4% at Sam's Club warehouse. Total sales for the five weeks ended October 5 rose almost 10% to $34.406 billion as compared to the prior year.
Meanwhile, Target’s September same-store sales rose 1.2%. Sales for the five weeks ended October 6 rose 6.2% to $5.19 billion from a year earlier.
Wal-Mart said monthly sales were hurt by the weather and tighter consumer spending, while Target reported weak traffic.
Next month, Target is slated to have higher same-store sales. The company predicts comps will fall between 3% and 5%, while Wal-Mart expects same-store sales growth will be flat to 2%.
posted at 10:43 AM
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