Bentonville, AR, November 4—Wal-Mart said its October same-store sales rose 2.8%, confirming lowered expectations, and the world's largest retailer projected third-quarter earnings at the high end of its estimates.
Wal-Mart missed a Thomson/First Call mean sales-growth estimate of 3%.
The retailer predicted November same-store sales to be in the 2%-4% range. Same-store sales reflect sales at stores open at least one year.
Wal-Mart said total sales for the four weeks ended Oct. 29 increased 10.4% to $21.04 billion from $19.07 billion a year earlier.
Wal-Mart said sales for its third quarter were below original estimates, but said its gross margin exceeded forecasts. The retailer said a change in its tax rate will result in third-quarter earnings at the high end of its estimated range of between 52 cents a share and 54 cents a share.
The company is scheduled to release its third-quarter earnings Nov. 16.
