Wal-Mart Same-Store Sales Up Only 2.2 Percent
{{#rendered}} {{/rendered}}Wal-Mart Stores Inc. (WMT) on Thursday reported a 2.2 percent increase in June sales at U.S. stores open at least a year, at the low end of its already reduced forecast, as unusually cool weather hurt demand.
The world's biggest retailer said total sales for the five weeks ended July 2 reached $26.97 billion, up 9.3 percent from a year earlier.
Wal-Mart had cut its June same-store sales forecast to a range of 2 percent to 4 percent, down from its original estimate of 4 percent to 6 percent growth. The company blamed cool, wet weather for the disappointing sales.
{{#rendered}} {{/rendered}}Analysts said it was too soon to determine whether the weak June sales meant a slowdown in consumer spending, but added that if sales do not pick up with warmer weather in early July, earnings forecasts could be in jeopardy.
Wal-Mart forecast a 2 percent to 4 percent increase in July same-store sales.
The Bentonville, Ark.-based retailer said the best-selling categories in June included food paper goods, pet supplies and electronics.
{{#rendered}} {{/rendered}}Pool toys were among the weaker sales items for the month, and the company said higher gas prices also affected its customers.