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Attributes late Easter to slower sales
Walmart Stores Inc. (Bentonville, Ark.) reported March sales were softer than analysts' forecasts, with same-store sales rising 1.4 percent last month. Analysts had predicted the company would post an increase of more than 3 percent, according to CNN.
The world’s largest retailer expects the shift to a late Easter this year to push holiday-related purchases into April. Walmart reports the average checkout total was lower last month, with health and wellness items, home products, and grocery items the leading categories.
"The Easter shift does matter. There's no question that it is a legitimate concern for retailers," Scott Hoyt, senior director of consumer economics for Moody's Economy.com, told CNN.
Tom Schoewe, Walmart's chief financial office, says, "The combined 3.1 percent comparable sales for Walmart [U.S.] and Sam's Club we reported for the past nine weeks shows the strength of our underlying operations.”
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