Wal-Mart’s August Sales at Forecast Low
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Wal-Mart Stores Inc., the world’s largest retailer, said August sales so far at stores open at least a year are near the low end of its forecast as shoppers bought less clothing last week than expected.
The company had projected an increase of 4% to 6% in total same-store sales, a spokesman said. Sales at the Wal-Mart division through Friday also are within that range, he said.
Some shoppers may be delaying purchases as they try to stretch their budgets amid recent declines in consumer confidence, analysts said.
Also, some students are waiting longer to see which styles are popular with classmates before planning their back-to-school wardrobe, the analysts said.
Meanwhile, Target Corp., the second-largest U.S. discount retailer, said sales at its stores open at least a year will rise 2% to 4% in August.
Wal-Mart shares rose 21 cents to $53.40 on the New York Stock Exchange.
Shares of Minneapolis-based Target fell 11 cents to $35.79 on the NYSE.
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