Wal-Mart expects to maintain sales gains

Wal-Mart Stores Inc. said Tuesday that it would be able to maintain same-store sales growth at current levels as the sluggish U.S. economy curbs spending.

The retailer should see “low-single” digit comparable-sales growth on a percentage basis going into 2009, Chief Financial Officer Thomas Schoewe told analysts at a conference in Rogers, Ark. Same-store sales, or sales at stores open at least a year, are a key measure of retail health.

Total sales may rise 8% this year, he said.

Wal-Mart’s $4 prescriptions and discounts on groceries and flat-panel TVs have grabbed consumers pinched by rising expenses. As consumer confidence sinks to its lowest levels ever and unemployment rises, any comparable sales gain by Wal-Mart may outpace rivals, investor Janna Sampson said.

“Any increase is good enough,” said Sampson, who manages Wal-Mart shares at Oakbrook Investments in Illinois. “We’re going to see negative comp sales at most retailers in the Christmas quarter.”

Wal-Mart posted a September same-store sales gain of 2.4%, outpacing Target Corp., which fell 3%. October sales may rise 1% to 2%, Wal-Mart said Oct. 8.

Wal-Mart shares rose $5.50, or 11.1%, to $55.17, their biggest one-day gain since 1987.

Wal-Mart projected total sales growth of about 8% in the year through January and of 5% to 7% in the next year.

Full-year capital spending will be $13 billion in the year that ends Jan. 31, down from $14.9 billion a year earlier, Wal-Mart said.