Wal-Mart reports softening US sales

NEW YORK - US retail giant Wal-Mart yesterday reported a slowdown in its US sales growth in September and predicted weaker results in October.

The figures, which exclude fuel and compare sales in stores that have been open a year, showed sales increased by 2.4 percent in September over 12 months - lower than the 3.0 percent growth seen in August and July.

The giant discount chain said sales in October would grow by 1.0-2.0 percent.

The world's largest retailer said its US performance in September was "solid," underlining that it had been forced to close some stories temporarily because of hurricanes.

In the troubled economic climate, economists expect consumers to scale back purchases of many non-essential goods. Heavy discounters like Wal-Mart are expected to fare better than other retailers.

Source: AFP

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