No more monthly sales from Wal-Mart

BENTONVILLE, Ark. Wal-Mart further reduced visibility into its financial performance this week as the company said it would no longer release monthly sales. The move isn't terribly surprising, as the action was telegraphed at the beginning of the year when the company suspended the practice of providing monthly same-store sales guidance.

"Wal-Mart was built on a foundation that manages for long-term success," said Wal-Mart CFO Tom Schoewe. "This decision aligns investors with the long-term view we take to build shareholder value. We feel this also will reduce the intra-period volatility related to events, such as calendar shifts. Reporting sales quarterly also places us in line with most other large retailers."

The change comes as the company's April results benefited from such intra-period volatility related to the Easter shift. Sales last month included Easter holiday sales, but were compared with prior year results that didn't include the benefit of Easter because the holiday fell in March last year. Reporting sales quarterly eliminates and simplifies such distortions. It's hard to argue with the logic behind the change, but it will require an adjustment on the part of market participants, competitors and financial analysts who rely on the disclosure of Wal-Mart's monthly sales as valuable indicator of the state of the consumer and overall economic health.