Wal-Mart Stores Inc., the world's largest retailer, said same-store sales in June rose 2.4%, excluding fuel sales, soaring past the average analyst estimate of a 0.8% increase. The company also maintained its second-quarter earnings guidance, saying its target range is achievable despite a tough environment.
Total sales for the five weeks ended July 6 rose 9.4 percent to US $35.81 billion from $32.74 billion, with the namesake Wal-Mart Stores chain posting a 7.1% sales gain, to $22.94 billion.
Looking ahead, the company sees July same-store sales growth of 1 to 2% and second-quarter earnings-per-share guidance of $0.75 to $0.79, versus the average analyst estimate of $0.77.
The company said grocery sales were stronger than general merchandise sales in June, excepting entertainment merchandise including flat panel televisions, MP3 players, video game hardware and accessories, laptops and desktop computers, which had "significant" year-over-year gains. Home and apparel sales remained slow, Wal-Mart said. (AP)