Wal-Mart Stores Inc. lowered its August sales forecast Monday as back-to-school demand failed to meet its expectations and hurricanes in Florida forced it to close 75 stores.
Wal-Mart now expects August sales at U.S. stores open at least a year to be flat to up 2 percent. It had previously forecast a 2 percent to 4 percent increase.
On a recorded message detailing sales through Aug. 20, the world’s biggest retailer also said it would be tough to top last year’s strong 6.9 percent August same-store sales increase, which was boosted by child tax credits.
Bentonville, Arkansas-based Wal-Mart said back-to-school sales fell short of its expectations, although demand remained strong for school uniforms and athletic shoes.
The retailer said it had less clearance merchandise than a year ago, and it cited the timing of Labor Day, which falls in the September sales period this year instead of August.
The best-selling categories last week included food, paper goods — largely because of price inflation — and pet supplies.