Wal-Mart Sales Within Expectations

Weekly sales meet the big-box retailer's indicated range.

Author:: Katherine Hobson
Publish date:: Nov 13, 2000 10:34 AM EST

Same-store sales at

Wal-Mart

, the world's biggest retailer, were within the company's expectations last week.

On its weekly recorded call for investors, Wal-Mart said sales growth at both Wal-Mart and

Sam's Club

outlets open at least a year was within the company's 3% to 5% target for the current fiscal fourth quarter. Sales last week were somewhat hurt by the distraction of the still-unresolved election and the fact that the Veteran's Day holiday didn't fall on a weekday this year, the company said. Wal-Mart repeated that November same-store sales growth will probably be at the lower end of expectations.

Last quarter, Wal-Mart had planned for same-store sales growth of 4% to 6%. Its projected growth rate has slowed amid a more sluggish retail environment; consumers appear to have cut back on their spending due to higher oil prices and the declining stock market.

Wal-Mart is scheduled to report fiscal third-quarter earnings on Tuesday. Analysts expect the company to post earnings of 31 cents per share, according to

First Call/Thomson Financial