Wal-Mart sales surge
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October 6, 1998: 9:07 a.m. ET
Discount retailer posts 9.5% sales gain, will open 270 new stores
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NEW YORK (CNNfn) - Discount retailer Wal-Mart Stores Inc. Tuesday posted a 9.5 percent jump in same-store sales last month and said it will open another 270 or so stores this year as part of its aggressive growth strategy.
Wal-Mart Stores (WMT), the nation's largest retailer, reported overall net sales for the five- week period ended Oct. 2 of $12.4 billion, up more than 15 percent from sales of $10.7 billion in the same period last year.
Sales for the 35-week period were $86.5 billion, an increase of 17.3 percent from year-ago results of $73.8 billion.
In addition to the flagship Wal-Mart stores, the company operates the Sam's Club chain of office-supply warehouses.
Sam's Clubs sales for the September period were $2.1 billion, up 12.8 percent from sales of $1.6 billion a year ago. Sales for the 35- week period were up better than 10 percent.
Wal-Mart also said Tuesday it will open approximately 40 new discount stores and 150 new Supercenters in the U.S. Another 75 to 80 new retail units will be opened internationally in Argentina, Brazil, Canada, China, Korea, Mexico and Puerto Rico. The new units in Mexico will include restaurants, department stores and supermarkets.
Moreover, Wal-Mart plans to open another 10 to 15 Sam's Club stores, including six relocations.
Shares of Wal-Mart Stores (WMT) were up 1-13/16 Monday at 57-1/4 on the New York Stock Exchange.
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Wal - Mart
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