Wal-Mart August sales exceed estimates

Source: Retail Digital

Date :9/4/2008 4:35:01 AM

Wal-Mart Stores Inc has reported that August sales at stores open for over a year rose three percent, beating Wall Street estimates of one to two percent.

The world’s largest retailer saw strongest growth in grocery and health and wellness products.

Meanwhile, Wal-Mart expects to see another strong performance for September as consumers seek back-to-school basics and low prices in grocery.

In pre-market trading on Wednesday, September 3, the company's shares rose one percent to US$60.45 from a close of US$59.79.

Eduardo Castro-Wright, President and CEO of Wal-Mart US, commented: “The underlying business performance for Wal-Mart US continued to show strength, and the improved relative performance has resulted in market share gains.”

According to the company, net sales rose 8.7 percent to US$30.67 billion in the month ended August 29.