You have to love a morning where Target (NYSE:TGT) and Wal-Mart (NYSE:WMT) have big news out on the same day. This morning both retail giants released August Same-Store-Sales. Surprisingly, both did pretty well and the drop-off that was seen at CostCo (NASDAQ:COST) did not hit either retail giant.
Wal-Mart +3.1%, compared to analyst expectations of +1.5%. Sales were +3% including fuel impact.
Target +6.1%, compared to analyst expectations of +5%.
AUGUST TOTAL SALES GAINS:
Wal-Mart +9.3% to $28.22 Billion.
Target +11.6% to $4.707 Billion.
SAME-STORE-SALES FORECAST (SEPT):
Wal-Mart forecast +1% to +3%.
Target forecast +4% to +6%.
PRE-MARKET TRADING REACTION:
Wal-Mart (WMT) shares are trading up about 2% pre-market, after recent year-lows; Target (TGT) shares are up about 1% pre-market.
Jon C. Ogg
September 6, 2007
Jon Ogg can be reached at firstname.lastname@example.org; he produces the 24/7 Wall St. SPECIAL SITUATION INVESTING NEWSLETTER and he does not own securities in the companies he covers.