12/26 11:21
Wal-Mart Says Holiday Sales Are Less Than Forecast (Update3)
By Shobhana Chandra
Bentonville, Arkansas, Dec. 26 (Bloomberg) -- Wal-Mart Stores Inc., the world's largest retailer, lowered its December sales forecast, saying a surge in the days before Christmas came too late to save the holiday shopping season.
Sales at U.S. stores open at least a year will rise 2 percent to 3 percent in the five weeks ending Jan. 3, based on results through Dec. 24, Wal-Mart said in a recorded message. The discount retailer had forecast a gain of 3 percent to 5 percent from the year-earlier period. Sales at the company's Sam's Club wholesale membership stores probably will decline.
Wal-Mart cut its forecast even after sales surged in the four days before Christmas, including two days with revenue of more than $1 billion each. Shopping in the final weekend before Christmas, the busiest period of the year for U.S. retailers, failed to overcome months of disappointing sales as consumers concerned about the economy and jobs curtailed spending.
