In an investor call on Saturday (1 July) US retail giant Wal-Mart reported US comparable sales growth for the five-week June trading period of 1.2%, sparking some speculation that the company may be forced to trim its quarterly guidance.
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Analysts had expected the company to report sales at the low end of Wal-Mart’s forecast 1%-3% growth.
According to Merrill Lynch, gasoline prices for June were up 31% on the comparable period of last year and it is believed that soaring gas prices have constricted consumer spending. Meanwhile, Wal-Mart has embarked on the process of transforming its format to appeal to more upmarket shoppers – a strategy that may take time to payoff.
Wal-Mart’s official sales figures for the month will be released on Thursday (6 June) and it is expected that, if the retailer does modify its quarterly forecast, the announcement will be made at this time.
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