No. 1 retailer posts better-than-expected sales in August; sees sales growing 3-5% in September.
September 4, 2003: 8:13 AM EDT
NEW YORK (CNN/Money) - Wal-Mart Stores, the world's largest retailer, said Thursday that August sales rose 6.9 percent, beating its own revised forecast on a strong back-to-school season.
The company last week raised its forecast to between 4 percent and 6 percent for the month. It had previously expected sales growth of 3 percent to 5 percent for August.
Net sales in the four-week period ended Aug. 29 were $19.5 billion, up 13.7 percent over the same period a year ago. Men's apparel, electronics, toys, hardware, intimate apparel and food were the strongest performing product categories in August.
Wal-Mart (WMT: Research, Estimates) said it expects September same-store sales to grow in the 3 to 5 percent range. In a pre-recorded sales update, Wal-Mart said its sales forecast was reduced from the August performance because it anticipates less impact on sales from tax credit checks in September and sees higher gas prices cutting into consumer spending.
The retailer last year logged a 3.3 percent same-store sales increase in September.
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