NEW YORK (AP)_ Shares of Wal-Mart Stores Incorporated rose almost 3 percent in early trading today, after the company raised its June sales outlook over the weekend. It cited increased demand for seasonal merchandise fueled by warmer weather.
The world's largest retailer says it expects to post a four-point-five percent increase in sales at stores opened at least a year, known as same-store sales. Wal-Mart had originally expected to post a same-store sales gain of between two percent to four percent.
Wal-Mart's sales acceleration in June is a relief for the retailer which has been struggling with tepid sales for months. Like many merchants, business this spring was hurt by cooler-than-normal temperatures. Wal-Mart has also been hurt by higher gas prices, job worries and its rival, Target Corporation.