Wal-Mart same-store sales rise in March

Wal-Mart Stores Inc., the world's largest retailer, said Thursday that strong sales of groceries helped boost same-store sales 4 percent in March.

For the five-week period ended April 6, Wal-Mart same-store sales rose 3.4 percent, while Sam's Club same-store sales were up 7.4 percent.

Same-store sales, or sales at stores open at least a year, are a key measure of retailer performance because they measure growth at existing stores rather than from newly opened ones.

The company predicted a 1 percent to 2 percent gain, and analysts polled by Thomson Financial expected a 1.6 percent rise. Wall Street forecast a same-store sales gain of 1.4 percent for Wal-Mart Stores and 3.4 percent for Sam's Club.

Total sales for the period grew 11.7 percent to $34.26 billion, from $30.68 billion a year ago. Wal-Mart stores' sales grew 9.6 percent to $22.12 billion, and Sam's Club sales grew 8.9 percent to $4.16 billion.

The company said grocery sales at Wal-Mart were strong during the month. Home and apparel sales were weaker.

For the nine-week period ended April 7, same-store sales grew 2.6 percent, while revenue grew 10.1 percent to $61.05 billion.