MediaBuyerPlanner: Despite economic pressures on its core customers, Wal-Mart is predicting that its price-focused strategy will pay off in upcoming months, with fourth quarter earnings likely coming in at the higher end of earlier estimates.
“In the current economic environment, it’s more important than ever to focus on low prices,” said Eduardo Castro-Wright, president of U.S. stores, in a conference call (via MediaPost).
Net sales for Q3 of fiscal 2008 were $90.9 billion, an increase of 8.8 percent from the third quarter a year ago. Comparable store sales increased 1.5 percent. Strongest categories were in grocery, health and wellness, and entertainment.
Related stories:
- Study: More than Half Gen Y Shoppers to Take Part in ‘Black Friday’ Spree
- Holiday Gift-Buying to Hold Steady, Despite Lower Spending Overall
- Wal-Mart Discounting Begins Tomorrow, Not Black Friday
- Retail CMOs: More Holiday Season Discounts, Promotions; Sales to Go Up 5 Percent
- September Same-Store Sales Weaken, Holiday Shopping Outlook Not Rosy
- Holiday Shopping to Be a Bit Restrained, Consumers to Spend $923 on Average
