Wal-Mart Stores Inc. Monday lowered its June sales forecast because of poor Father’s Day demand and unusually cool weather that curbed sales of air conditioners and swimming pool supplies.
The world’s biggest retailer now expects just a 2 percent to 4 percent increase in June sales at its U.S. stores open at least a year, a key retail measure known as same-store sales.
Wal-Mart had originally forecast a 4 percent to 6 percent same-store sales increase for June, but indicated last week that sales could miss that range.
Shares of Wal-Mart, which fell sharply last week following news that a judge allowed a record-large class-action lawsuit to proceed, slipped to $52.25 on INET before the stock market opened Monday. The shares closed at $52.51 on Friday.
On a recorded message updating sales through June 25, Bentonville, Arkansas-based Wal-Mart called Father’s Day sales ”disappointing,” and blamed uncooperative weather in part for the poor demand.
Wal-Mart said that the same week last year generated its strongest sales growth of the summer. This year, however, cool weather hurt sales of summer staples such as air conditioners, lawn and garden equipment and pool supplies.
The retailer said demand for soup, hot cereal and hot chocolate was strong, and listed food among its top-selling categories for the week.