Wal-Mart Vows Aggressive Holiday Price Stance

BENTONVILLE, Ark. - Wal-Mart Stores here on Tuesday promised a pricing blitz over the holiday season after reporting quarterly sales that were lower than the retailer expected. “We are implementing the most aggressive pricing strategy ever” in categories such as electronics and toys, Lee Scott, chief executive officer, said in a conference call. While overall U.S. sales in the Wal-Mart Stores division increased by 7.8%, supercenter food sales during the quarter grew by more than 12%, and exceeded overall U.S. comparable sales gains of 1.8% the company said. For the three-month period ending Oct. 31, earnings of $2.6 billion increased 12% on total sales $83.5 billion, Wal-Mart said.