Bentonville, AR, Dec. 26-—Wal-Mart lowered its December sales forecast saying it now expects same-store sales to increase from two percent to three percent for the five week period ending Jan. 3. Earlier this month the company forecast a same-store sales increase at the low end of a three percent to five percent range.
Wal-Mart said that sales accelerated over the weekend and up to Christmas Eve, with sales of more than $1 billion on two of those days.
Despite a better-than-expected sales surge following Thanksgiving, customers have been reluctant to spend during this year's holiday-shopping season, uninspired by the lack of must-haves and stymied by worries about the economy and jobs.
Target, J.C. Penney and Federated also have said that the hoped-for sales momentum failed to materialize.
