Wal-Mart and Target March Sales Down9 Apr, 2009 By: Chris Tribbey
Wal-Mart and Target both reported April 9 that their March sales were down, compared to the same period in 2008, but both companies found reasons to remain upbeat in this recession.
Wal-Mart reported sales of $36.2 billion in the five weeks ended April 3 (across its domestic and international Wal-Mart and Sam’s Club stores), down almost 2% from the same period last year.
“Based on the initial strength of our sales this week, we expect Easter to drive April sales performance,” said Eduardo Castro-Wright, vice chairman of Wal-Mart Stores Inc. The retailer made no mention of DVD or home electronics in its report.
For Target, sales were $5.5 billion in the same period, down 2.3% from the same period last year.
“March sales were modestly better than our planned range, and reflected the adverse impact of the move of pre-Easter holiday shopping days from March last year into April this year,” said Gregg Steinhafel, chairman, president and CEO of Target Corp. “Our guests continue to be cautious, but we have begun to see encouraging signs in the operating results of both of our business segments.”