Friday, December 27, 2002
Wal-Mart, the world's biggest retailer, all but gave up hope that post-Christmas shopping sprees will make up for sluggish pre-holiday sales, cutting its December outlook even as bargain hunters made their annual pilgrimage to the malls on Thursday.
Armed with gift certificates and unwanted presents on the day after Christmas, consumers hit shopping centres as early as 7 a.m. to pick up half-priced holiday decorations, winter coats and even cashmere sweaters.
But discount retailer Wal-Mart WMT lowered its sales forecast for December, saying a last-minute surge in demand was too little and too late to make up for a slow start. The announcement sounded another grim note for a sector already braced for what is forecast to be the weakest sales season in more than 30 years.
Wal-Mart said it now expects sales at stores open at least one year to be up 2 percent to 3 percent in the five-week period ending Jan. 3, down from its earlier outlook for 3 percent to 5 percent. Demand dropped off dramatically in December after a record sales day on the Friday after Thanksgiving.
Last year, in the wake of the Sept. 11 attacks on the United States, Wal-Mart's December same-store sales rose a stronger-than-expected 8 percent.
Retailers were offering deep discounts in hopes that the week after Christmas would be busier than the week before, which fell short of many retailers' expectations.
By: DocMemory
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