Wal-Mart, Other Retailers In Black Friday Arms Race

Wal-Mart Stores, Inc. (NYSE:WMT) had more than 10 million transactions during the four hours it was open on Thanksgiving, compared to the “nearly 10 million” it reported last year, in line with the modest same-store sales growth that analysts have been predicting. Last year the holiday season started strong on Black Friday, had weak sales immediately after, and then picked up again closer to Christmas, and analysts expect to see a similar pattern this year.

“On a net basis, assuming sales have been pulled forward two hours, and assuming average ticket is similar, it would...