Wal-Mart revises August forecast

(August 23, 2004) - BENTONVILLE, Ark. (AP/Dow Jones) - Wal-Mart today lowered its sales forecast for August. The company is citing the rollback on Hurricane Charley's swipe across Florida and slower than expected back-to-school sales. Wal-Mart closed about 75 stores after Hurricane Charley cut a path across Florida on August 13th. The company reported good sales before the storm, but up to 200 stores were impacted by the high winds and rain. The world's largest retailer had previously expected same-store sales to grow between two percent and four percent during the month. It advised Monday that the sales will range from flat to up two percent. Wal-Mart also said that its back-to-school sales were not hitting company targets.