Wal-Mart Cuts Growth Estimate After Finding Mistakes

(Couldn't happen to a nicer company!)

Oct. 4 (Bloomberg) -- Wal-Mart Stores Inc., the world's largest retailer, unexpectedly lowered its estimate for September U.S. comparable-store sales growth to 1.3 percent after discovering mistakes in calculations at 235 locations.

The company as recently as last week said sales for the month increased 1.8 percent. The Bentonville, Arkansas-based retailer said in a statement today that Wal-Mart and Sam's Club stores were ``incorrectly coded.''

Compared with rivals including Target Corp., Wal-Mart's sales are slowing as the important holiday-selling season approaches. Target, the second-largest U.S. discount chain, last week boosted its forecast for September growth to about 5 percent from a range of 3 percent to 5 percent.

``Wal-Mart is the one that is struggling,'' said Burt Flickinger, managing director of New York consulting firm Strategic Resource Group. Other U.S. retailers ``will do better,'' he said.

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