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Non-Tech : Wal-Mart
WMT 102.49-0.1%3:59 PM EST

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To: Gary L Schultz who wrote (283)9/25/1997 4:53:00 PM
From: Ken Turetzky   of 1166
 
RETAIL STOCK OUTLOOK: September Sales Running On Plan For Most Hardl
September 25, 1997
DLJ ****** DONALDSON, LUFKIN & JENRETTE ****** DLJ

o WMT#
Sales at Wal-Mart's discount stores have been running at the low end of
the 4-6% plan, while sales at the clubs have been below plan throughout
the month. However, the company is quick to note that earnings are
still in good shape as the company keeps inventories tight and continues
to rationalize expenses. Like most of the other retailers, WMT sights
weaker apparel sales as the main culprit for the lighter sales.
Hardlines are having better results along with the more ancillary
businesses, including pharmacy and vision centers.
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