Wal-Mart Sales Within Expectations
Same-store sales at
Wal-Mart
(WMT) - Get Walmart Inc. Report
, 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
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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
.
