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Wal-Mart Online With Book Firm

July 02, 1999|Bloomberg News

Wal-Mart Stores Inc., the world's biggest retailer, said Books-A-Million Inc. will be the exclusive provider of books for its online customers, sending the book retailer's stock up 84%. The shares of Birmingham, Ala.-based Books-A-Million climbed $6.34 to close at $13.88 on Nasdaq, with a volume more than 36 times its three-month daily average. The stock was the fourth most active in U.S. markets. The companies didn't disclose financial terms of the arrangement, which comes as Bentonville, Ark.-based Wal-Mart continues to build its Web site to offer a wider variety of goods online. Wal-Mart introduced its online service, http://www.wal-mart.com, in 1996. The site reached 1.3% of U.S. Web users in May, according to New York-based research firm Media Metrix Inc. Wal-Mart's shares fell 50 cents to close at $47.75.

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