Wal-Mart Cuts August Sales Forecast
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Wal-Mart Stores Inc. WMT.N lowered  its August sales forecast on Monday as back-to-school demand  failed to meet its expectations and hurricanes in Florida  forced it to close 75 stores.
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The August start of the back-to-school shopping season was a disappointment for major retailers, delivering the industry a third straight month of tepid sales and its weakest gain in almost a year and a half. Higher gasoline prices and consumers' ongoing worries about jobs contributed to the poor showing.
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Wal-Mart Stores (WMT) and other top retailers reported sluggish August sales Thursday, below Wall Street expectations, as soaring fuel prices cut into back-to-school spending.
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Wal-Mart, the world&#39;s largest retailer, has lowered its November growth forecast amid concerns that fuel costs may slow down Christmas retail sales.
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The August start of the back-to-school shopping season was a disappointment for major retailers, giving the industry a third straight month of tepid sales. Higher gasoline prices and consumers' ongoing worries about jobs contributed to the poor showing.
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Wal-Mart Stores Inc. (WMT.N: Quote, Profile, Research) lowered its August sales forecast on Monday as back-to-school demand failed to meet its expectations and hurricanes in Florida forced it to close 75 stores.
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Next week, Wal-Mart is expected to announce, based on its own estimates, that sales for November fell for the first time in a decade.
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Wal-Mart is reducing its forecast for same store sales for the month of August. It is blaming store closures caused by Hurricane Charley last week.
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U.S. retailers on Thursday reported weaker-than-expected August sales, generating the smallest monthly gain in a year and a half as high gasoline prices cut into back-to-school spending.
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Lower car sales in August resulted in a 0.3 per cent dip in overall retail sales in the United States during the month following a rise of 0.8 percent in July, the US Commerce Department reported on Tuesday.
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Retail sales in August posted the weakest showing in two months as worried consumers curbed their spending habits.
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Ford Motor posted weaker U.S. vehicle sales for August today and cut its fourth-quarter production. Chrysler posted a fifth straight month of stronger results.
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Wal-Mart Stores Inc.  on Monday  maintained its August sales forecast and said demand was  particularly strong in the U.S. Southeast last week as people  stocked up on duct tape, rope and water in preparation for  Hurricane Charley.
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Sales at retailers rose a  smaller-than-expected 0.3 percent in August and they recorded  the biggest decline in almost a year when car sales were  stripped out, a government report showed on Friday.
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U.S. retail sales posted a larger-than-expected decline in August, a Commerce Department report on Tuesday showed, but the drop was mostly confined to the automotive sector.
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Wal-Mart Stores Inc. said August sales at its U.S. stores rose about 2.7 percent from the same period last year. The increase released Saturday was in line with the retailer's forecast of same-store sales growth of 1 percent to 3 percent.
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WASHINGTON - Retail sales slid in August as people steered away from buying cars and shoppers kept a close eye on their spending after splurging in July.    The Commerce Department reported retail sales fell by 0.3 percent in August, following a 0.8 percent gain the previous month...