Retail sales slumped in October

FROM TWICE: Wal-Mart up, Target down

By Alan Wolf of TWICE -- Video Business, 11/6/2008

NOV. 6 | FROM TWICE: Retailers, buffeted by the roiling financial markets and sagging consumer sentiment, reported weak sales in October, with little help from CE.

Among national discount chains, Wal-Mart said net sales at its flagship discount stores rose 5.3% to $18.4 billion in October, while same-store sales increased 2.2%. Eduardo Castro-Wright, the chain’s United States president/CEO, attributed the month’s sales and traffic gains to “highly competitive pricing.”

At Target, net sales slipped 0.7% in October to $4.4 billion and same-store sales fell 4.8% amid what president/CEO Gregg Steinhafel described as “daily volatility.” He called the results “very disappointing” and said he expects the challenging sales environment to continue into the holiday season and beyond as a result of the ailing economy.

Read the full story on TWICE.com.

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