Wal-Mart says 07 China sales growth to exceed rivals
HONG KONG, Dec 13 (Reuters) - Wal-Mart Stores Inc (WMT.N), the world's biggest retailer, said sales at most of its stores in China this year have outstripped those of its competitors by two to three times.
"This year, we have enjoyed double-digit comp (same store) growth for stores that are open for more than a year," Wal-Mart China president and CEO Ed Chan told a business forum in Hong Kong on Thursday.
"That is easily two to three times faster than our principal rivals."
In terms of the number of stores and revenues, the firm was "on a very positive path in China", he added.
The U.S. retail giant currently has 94 stores open in China, with others in preparation and opened 24 stores this year alone.
Wal-Mart's international sales growth fast outstripped domestic sales and overseas sales now account for almost a quarter of total sales for the company.
Wal-Mart vies with the likes of French retailing giant Carrefour SA (CARR.PA) in China's fiercely competitive retail market.
Carrefour's China sales surged 53 percent last year to 24.8 billion yuan ($3.3 billion), outpacing 30 percent growth at Wal-Mart Stores and a 14 percent rise for China's overall market. ($1=7.366 Yuan) (Reporting by John Ruwitch; editing by Anne Marie Roantree)
