Stimulus-fueled consumers flock to discounters (Wal-Mart: up 3.9%, $350M in stimulus checks cashed) [View All]

By Aaron Smith, CNNMoney.com staff writer

Last Updated: June 5, 2008: 10:59 AM EDT

Wal-Mart (WMT, Fortune 500) reported on Thursday a 3.9% same-store-sales gain for May, excluding the impact of fuel sales. That was more than double the 1.6% gain expected by Thomson Reuters analysts, and it's more than triple last year's gain of 1.1% for the month. Same-store sales are recorded from stores open at least a year. Including gasoline, which soared in price over the past month, May same-store sales rose 4.4%.

"We're seeing some benefits from the stimulus checks," Wal-Mart Chief Executive Eduardo Castro-Wright said in a press release. The stimulus, he said, combined with other factors including "price leadership," contributed to the sales increase.

"Customers continue to rely on Wal-Mart to stretch their dollars," said Castro-Wright. He reported that grocery sales were strong, as well as sales for flatscreen TVs, computers and digital electronics.

Wal-Mart Chief Financial Officer Tom Schoewe said in a teleconference that $350 million worth of stimulus checks were cashed at Wal-Mart stores during the month of May, but it was unclear what that money was spent on.

http://money.cnn.com/2008/06/05/news/economy/same_store_sales/index.htm?postversion=2008060508