Summary: Wal-Mart is blaming a "clerical error" for an incorrect calculation of same-store sales for the month of September. It had initially reported a same-stores increase of 1.8% for the month for stores open at least a year, a disappointment. Yesterday, the company said it expected the same-stores increase to be just 1.3%. The news sent shares downward by as much as 2.5% early in the day, before recovering to finish up $0.09 (0.18%). Wal-Mart's numbers are often indicative of how the retail sector will perform. The company has left general same-store sales expectations untouched for September at 3.5%.
Related links: Full article • Wal-Mart Q2 2007 Earnings Conference Call Transcript • Wal-Mart Finding it Harder to Expand • Cheaper Gas + Housing Slump = Increased Profits at Wal-Mart • Without a Wal-Mart-esque Competitive Edge, High Productivity Just Isn't Enough
Potentially impacted stocks and ETFs: PowerShares Dynamic Retail (NYSEARCA:PMR), SPDR Retail (NYSEARCA:XRT), Target (NYSE:TGT)
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