...NEW YORK (Standard & Poor's) Nov. 13, 2014--Standard & Poor's Ratings Services today noted Wal-Mart Stores Inc. reported third-quarter results that show moderate signs of improved sales and profits and support our current near term operating assumptions. We believe the slight (0.5%) increase in U.S. comparable store sales shows incremental improvement from previous quarters as a result of good performance in many categories including food and seasonal merchandise. Sales were flat in the second quarter of fiscal 2015 and negative in first quarter and throughout fiscal 2014. As a result, we expect continued improvement in the fourth quarter--especially because the performance was not strong in the fourth quarter of last year and low gas prices could aid consumer spending. Nonetheless, overall soft sales performance at Wal-Mart, the world's largest retailer, also confirms our view that the U.S. consumer spending is still strained and sales growth of small ticket items will be modest over the...
