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Wal-Mart July U.S. same-store sales climb
NEW YORK (Reuters) - Wal-Mart Stores Inc. (WMT.N) on Thursday reported a 1.9 percent rise in July sales at U.S. stores open at least a year, which was toward the top end of the company's forecast, after it cut prices to drive shoppers into its stores.
But the world's largest retailer said the price reductions are "impacting gross margins." It forecast August U.S. same-store sales to rise between 1 and 2 percent.
Wal-Mart is expected to report its second-quarter earnings results on August 14.
Wal-Mart, which has been working to revive sales in its U.S. store division, had forecast July same-store sales to rise between 1 percent and 2 percent. Analysts, on average, were expecting a gain of 1.5 percent, according to Reuters Estimates.
The discount retailer said net sales in the four weeks ended August 3 rose 6.5 percent to $27 billion.
Wal-Mart said it was "encouraged by positive early signs in back-to-school and back-to-college categories."
But it said in July its apparel and home businesses continued to be soft and are expected to remain so through the third quarter.
