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Amerigo Vespucci Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-10-08 07:24 AM
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Wal-Mart sales surge on stimulus windfall
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Source: CNN

NEW YORK (CNNMoney.com) -- Wal-Mart Stores Inc. trounced analyst expectations Thursday with a 5.8% jump in June sales for stores open at least one year, attributing the increase to the government's economic stimulus payments.

As a result of the strong month, the world's No. 1 retailer raised its earnings guidance for the second quarter ending this month.

Analysts interviewed by Thomson Reuters had expected an increase of 3.8% for the five weeks ended July 4, not including gas sales.

Wal-Mart (WMT, Fortune 500) credited the increase to strong seasonal sales driven by favorable weather and "improved assortments," as well as a continued windfall from the government's economic stimulus program. The stimulus also drove Wal-Mart sales in May.

Read more: http://money.cnn.com/2008/07/10/news/economy/same_store_sales/index.htm?cnn=yes
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