Wal-Mart Stores Inc on Thursday reported a better-than-expected 2.6 percent rise in February sales at US stores open at least a year, due to strong sales of groceries, medicines and electronics.
Analysts, on average, were expecting the company to report a rise of 1.1 percent, according to Reuters Estimates, while the company had forecast same-store sales to be between flat and up 2 percent. Including sales of gasoline, same-store sales rose 3 percent. The world's biggest retailer said same-store sales rose 2.5 percent at its namesake chain and 2.8 percent at its Sam's Club stores.
Net sales in the month ended February 29 rose 8.9 percent to $29.19 billion. Sales trends in apparel improved compared to the last several months, Wal-Mart said, but the company noted that softness remained in the home goods area, due to the housing market decline and the weak US economy. Wal-Mart expects March same-store sales to be between flat and up 2 percent.
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