Wal-Mart, department stores cut forecasts. (Retail brief).(Brief Article)

Home Textiles Today, October, 2002

For the second month in a row, Wal-Mart has scaled back its monthly sales growth forecast, to 3 percent to 4 percent growth from the 4 percent to 6 percent hike the company originally forecast for September. The company did maintain its earnings guidance for the third quarter, with earnings expected to jump more than 20 percent.

Meanwhile, Federated Department Stores cut its same-store sales estimate for the second time this month, now expecting same-store sales to be flat to up 2 percent. The company said same-store sales for September would be "at best" toward the low end of an earlier forecast 3 percent to 5 percent increase but might fall slightly below that range. JCPenney also lowered its forecast for September same-store sales at its...