Wal-Mart Stores Inc. said on Monday its March sales at stores open at least a year were tracking near the high end of its forecast for a 4 percent to 6 percent increase as customers cashed tax refund checks.
On a recorded message covering sales through March 12, Wal-Mart said money orders and consumables were among the most frequently purchased items when people cashed refund checks. Customers spent the biggest chunk of their tax refund dollars on electronics, Wal-Mart said.
Wal-Mart and many other retailers will cash government tax refund checks in stores in hopes that customers will spend at least some of the money there. Wal-Mart has said it expects retailers to enjoy strong sales in the first half of this year because of fatter tax refunds.
The world's biggest retailer said the best-selling categories last week included food, lawn and garden goods, Easter merchandise, men's clothing and electronics.