Wal-Mart sales mixed
By:
Updated: April 17, 2007
Total sales for the four weeks ended Nov. 24, 2006 rose 11.9% to $28.57 billion from $25.53 billion.
The world`s largest retailer had forecasted comparable store sales in the U.S. ranging from flat to 1% higher.
CEO-President (Stores Division) Eduardo Castro-Wright noted that "of our five key focus areas - electronics, home, apparel, food and pharmacy - we are posting strong results in electronics, food and pharmacy.
"Comparable store sales in food were in the mid-single digits," he said "The home and apparel business is challenging and this will continue...we were disappointed in these areas, we did see strong results in our home and apparel basics."
Increases in average ticket drove the comparable sales figure, while traffic declined.
On the bright side, the store feels Christmas-time customers will see three additional circulars "communicating price leadership on great gift ideas to reinforce themes for last minute purchases, gift card redemption and resolutions for the new year."
The store chain promised additional price cuts on a large selection of key gift, entertaining and holiday items throughout the Christmas and holiday season.
(Copyright 2006 Newsroom Solutions, LLC)
