Wal-Mart Stores Inc. said on Monday it still expects to reach the high end of its February sales forecast, boosted by strong demand for clothes.
On a recorded message covering sales through Feb. 21, Wal-Mart said men's, women's and girls' apparel were among the best-selling categories last week.
The Bentonville, Arkansas-based retailer has forecast a 3 to 5 percent increase in February sales at U.S. stores open at least a year — a vital retail measure known as same-store sales.
Wal-Mart said its clothing inventory was lower than at the same time last year, and its early spring apparel sales were "encouraging."
A year ago, weak clothing demand left the retailer with heavy stockpiles, prompting deeper discounts which cut into profits. This year, unusually cold January weather across much of the United States helped Wal-Mart and other retailers clear out winter clothing supplies.
Wal-Mart said both the number of shoppers and the average amount spent rose last week, with an increase in shoppers accounting for two-thirds of the weekly sales increase.
Last year at this time, a massive East Coast snowstorm hurt sales, and Wal-Mart generated just a 2.6 percent increase in February same-store sales.
