Posted on 01/28/2006 1:51:45 PM PST by BenLurkin
CHICAGO (Reuters) - Wal-Mart Stores Inc. (NYSE:WMT - News) on Saturday estimated that January sales rose 4.7 percent at its U.S. stores open at least a year, toward the high end of its forecast, as shoppers redeemed holiday gift cards.
The world's biggest retailer had expected 3 percent to 5 percent growth in sales at stores open at least a year -- a key retail measure known as same-store sales.
Wal-Mart and most other major chain stores will release final January sales figures on Thursday.
On a recorded message detailing sales through Friday, which marked the end of Wal-Mart's January sales period, the retailer said demand for groceries outpaced general merchandise sales.
Wal-Mart's January same-store sales growth was well ahead of the disappointing 2.2 percent increase that it reported for December, the biggest shopping month of the year.
Wal-Mart had said that demand for gift cards was stronger than expected over the holiday season, pushing some sales into January. Retailers record revenue from gift cards when they are redeemed, not when they are sold.
Walmart is the devil, BL!
:-) Sarcasm for your amusement.
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