Wal-Mart’s Same Store Sales Increase after Nine Consecutive Quarters
After posting nine consecutive quarters of declining same-store sales, Wal-Mart (NYSE:WMT) has finally broken its slump. Sales at stores that have been open at least one year have risen for three straight months according the Chief Executive Bill Simon.
With same-store sales accounting for 98% of the company’s total business, remedying the falling sales were of paramount importance. Simon said that foot traffic in the stores has been increasing, led by an increase in traffic in the grocery department. Wal-Mart is also working on a plan to decrease prices bya cumulative $2 billion over the next two years to help encourage shoppers to increase their purchases in the store.
Wal-Mart (NYSE:WMT) stock is up 0.88% to $55.20 today on the news. Shares are up 4.04% in the last year with a 52-week range between $48.31 and $57.90.