Wal-Mart lowers June forecast

(June 28, 2004) — (Bentonville-AP) -- Wal-Mart Stores lowered its forecast today for June sales growth at stores open at least a year to a range of two to four percent. The Bentonville-based company cited cool weather and disappointing Father's Day results. The world's largest retailer said during today's weekly sales update that key categories were flat this year as compared to last year, when it had its best week of the summer. A week ago, Wal-Mart had indicated that June comparable store sales were tracking at the low end of its earlier estimates of four to six percent growth for the month. The update said sales in soup, hot cereal, and hot chocolate were strong in the week ending Friday. The company said sales in seasonal categories such as air movement, lawn and garden, and pool toys were very weak. The Southeast and West were the strongest regions and the strongest categories included food, paper goods and pet supplies with electronics continuing to be strong.