Wal-Mart Boosts Expansion as Sales Soar

Wal-Mart Stores Inc. said sales at its stores open at least a year jumped a better-than-expected 9.5% in September from a year ago, and that it plans to open or remodel about 280 stores next year. The Bentonville, Ark.-based retailer, the world’s largest, said same-store sales rose 9% at the Wal-Mart chain and 11.4% at its Sam’s Club warehouse stores. Total sales rose 15.5% to $12.4 billion. The companywide same-store sales performance beat Wal-Mart’s plan for an increase of 6% to 8%. Wal-Mart said that in its fiscal 1999, which begins Feb. 1, it plans to open 40 discount stores, 60 super-centers and as many as nine Sam’s Clubs in the U.S. “This growth is significant and underscores solid performances throughout our major divisions--Wal-Mart stores, Sam’s Club and International,” Wal-Mart President David Glass said. Wal-Mart stock gained $2.25 to close at $59.50 on the New York Stock Exchange.