Wal-Mart Stores Inc (WMT)on Thursday reported a 2.4% rise in October sales at U.S. stores open at least a year, beating analysts' targets, as it attracted more shoppers to its discount stores.
Analysts on average were expecting the company's same-store sales to rise 1.6%, according to Reuters Estimates. The world's largest retailer had forecast a gain of 1% to 2%.
"Customer comparable traffic is higher, and our seasonal merchandising events are delivering improved sales," Eduardo Castro-Wright, Wal-Mart U.S. president and chief executive, said in a statement. "Highly competitive pricing, especially on basics throughout the store, is driving these results."
Separately, the company said it would be introducing new rounds of price cuts every week until Christmas to appeal to cash-strapped shoppers.
For November, Wal-Mart expects U.S. same-stores to rise 1% to 3%.
"While there remain some uncertainties with the global economy, we believe falling gas prices could help customers as we enter this holiday season," Chief Financial Officer Tom Schoewe said in a statement.
Wal-Mart said net sales in the four weeks ended October 31 rose 2.3% to $28.57 billion.
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