Wal-Mart sales up, but don't meet investor's expectations

By The Arkansas Democrat-Gazette

Wal-Mart Stores Inc. reported March sales figures Thursday that came up short of investors' expectations, sending the company's stock down sharply in early trading as the market overall was moving higher.

The Bentonville-based retailer said sales in its U.S. stores open at least a year rose 1.4 percent from March 2008, excluding the impact of fluctuating gasoline prices. Nine analysts surveyed by Thomson Reuters had forecast an average sales increase of 3.2 percent. Sales in stores open at least a year, or same-store sales, are considered a key gauge in a retailer's financial health.

The International Council of Shopping Centers said early data showed same-store sales fell 2.1 percent in March.

Wal-Mart's Sam's Club division reported sales up 6.2 percent over last year, partly as a result of Easter shifting to April this year. That shift gave Sam's Club, which is closed on Easter, one extra selling day in March compared to last year but likely will hurt the April sales comparison.

Same-store sales in Wal-Mart's U.S. stores division were up 0.6 percent.

In early trading on the New York Stock Exchange, Wal-Mart's stock price fell more than 4 percent.

Little Rock-based Dillard's Inc. said in a release Thursday same-store-sales declined 19 percent for March. The fashion apparel and home furnishings retailer said sales lagged in part because of the Easter shift.

Read tomorrow's Arkansas Democrat-Gazette for full details.

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