Wal-Mart Shares Slip on Sales News

BENTONVILLE, Ark. (AP) _ Wal-Mart Stores Inc., the world's largest retailer, said Monday its total sales for September will be on the low end of the growth of 4 percent to 6 percent it had projected.

Monday, September 30th 2002, 12:00 am

By: News On 6

BENTONVILLE, Ark. (AP) _ Wal-Mart Stores Inc., the world's largest retailer, said Monday its total sales for September will be on the low end of the growth of 4 percent to 6 percent it had projected. Its shares sank.

Growth in sales at stores open at least a year will be in the 3 percent to 4 percent range, the company said in its weekly sales assessment.

But the company reaffirmed its earnings projection of 40 cents to 41 cents per share for the quarter, and $1.76 to $1.78 for the year.

The company said it was too optimistic about how much sales would grow one year after the gloom that followed last year's terror attacks. A year ago, taxpayers were receiving tax rebate checks that were part of President Bush's tax cut package. Wal-Mart said the effects of those checks last year will diminish this year's October numbers.

Wal-Mart's September period includes the five weeks from Aug. 31 through Friday.