Wal-Mart Stores Inc. (WMT) estimated that July sales will be near the high end of its estimate.

Shares of Wal-Mart rose 16 cents, or 0.3 percent, to $49.51 Monday on the New York Stock Exchange (search), after the world's largest retailer said Saturday that same-store sales would be up 4.4 percent, which is at the upper end of its 3 percent to 5 percent range.

Same-store sales are sales at stores opened at least a year and are considered the best indicator of a retailer's health.

Wal-Mart said food sales were stronger than general merchandise, and sales were strongest in the Western part of the U.S. The report covers the period from July 2 through Friday, July 29.

Wal-Mart along with other leading retailers are slated to report July sales results Thursday.