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NYT/Reuters: Wal-Mart's Weak Sales Dampen Holiday Season Hopes [View All]

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DeepModem Mom Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-25-06 10:53 AM
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NYT/Reuters: Wal-Mart's Weak Sales Dampen Holiday Season Hopes
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Wal-Mart's Weak Sales Dampen Holiday Season Hopes
By REUTERS
Published: November 25, 2006

CHICAGO ( Reuters) - Wal-Mart Stores Inc. reported surprisingly weak November sales on Saturday, even as U.S. bargain-hunters jammed stores in search of gifts at the start of the crucial holiday shopping season.

Wal-Mart, the world's biggest retailer, sounded a cautious note for retailers as they began a second day of Thanksgiving weekend sales with deep discounts and early bird specials on items ranging from cashmere sweaters to plasma televisions.

Wal-Mart estimated that November sales fell 0.1 percent at its U.S. stores open at least a year -- a closely watched retail measure known as same-store sales.

The retailer had expected same-store sales to be flat compared with the same period last year, which many Wall Street analysts had viewed as disappointing.

"We would frankly have expected better,'' Merrill Lynch retail sector analyst Virginia Genereux wrote in a note to clients dated Friday, noting that the early markdowns and expansion of Wal-Mart's widely publicized $4 generic drug program should have drawn more shoppers....

http://www.nytimes.com/reuters/business/business-retail-holiday.html
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