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Wal-Mart: Sales
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BENTONVILLE, Ark., Oct. 4 /PRNewswire-FirstCall/ -- Wal-Mart Stores, Inc. (NYSE: WMT) reported that the Company is updating its previous Saturday sales estimate for the September reporting period. As a result of the monthly reconciliation process that the Company undergoes to determine its comparable sales percentage, Wal-Mart is revising its U.S. comparable sales estimate for the September five-week reporting period (Saturday, Aug. 26 through Friday, Sept. 29) from 1.8 percent to 1.3 percent.
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Wal-Mart Stores Inc. has spent the past year burnishing its public image in the face of slowing sales growth and amplified criticism from labor groups. Now, it is turning its attention inward.
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No one in the music business ever expected Wal-Mart to become the most powerful force in record retailing. In the past, the business was shared among smaller local and regional chains such as Musicland, which once had an estimated ten percent of the market. But as Wal-Mart and other national discount operations such as Target and Best Buy have grown -- approximately half of all major-label music is sold through these three -- an estimated 1,200 record stores have closed in the past two years, according to market-research firm Almighty Institute of Music Retail. Last February, Tower Records, with ninety-three stores, declared bankruptcy and is now up for sale; Musicland has already changed owners, with many local outposts shuttered.
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