Thank you Wal-Mart, told you so

Just last week I wrote Times are tough so go with Wal-Mart, easy money with a 6% gain since last Tuesday. Wal-Mart Stores, Inc. (NYSE:WMT) shares are up 3% today and taking the DOW up 100 points.  It pays to read the Masters.

Wal-Mart Stores Inc. (WMT), which reported a 3.9% jump, excluding fuel, in U.S. same-store sales - double the high end of if its flat to up 2% forecast. Namesake stores posted 4% growth and Sam's Club had a 3.6% increase.

Even Wal-Mart's homegoods sales, which have been weak for some time, perked up last month and posted its first same-store-sales gain in more than two years.

Eduardo Castro-Wright, head of Wal-Mart's U.S. operations, said the company is seeing a benefit from the federal income-tax rebates that began distribution last month.

Looking ahead, the company sees June same-store sales up 2% to 4%. Its shares were up 1% in premarket trading.

Wal-Mart last month projected May U.S. same-store sales being flat to up 2%, with the company being unable at that time to quantify the impact the federal stimulus checks would have on sales.

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