Quarterly sales, earnings flat for Wal-Mart Stores Inc.
by May 14, 2009 6:38 am 60 views
Wal-Mart Stores Inc. reported Thursday (May 14) first quarter net sales of 94.24 billion, a dip of 0.7% compared to the same period in 2008.
The negative effect (loss of $252 million) of currency exchange rates on sales in its International division resulted in the decline. The world’s largest retailer posted first quarter net income of $3.13 billion, down slightly from the $3.14 billion in the 2008 quarter. The earnings per share was 77 cents, exactly what market analysts had estimated.
The company’s Wal-Mart U.S. division posted first quarter revenue of $4.64 billion, up 3.3% over the 2008 quarter.
“We’re pleased to report that fiscal year 2010 is off to a very good start,” Mike Duke, Wal-Mart Stores, Inc. president and chief executive officer, said in the earnings statement. “These results were achieved in the face of a very challenging global economy. When economic conditions improve, we believe customers who shop Wal-Mart today will stay with us, because of the business improvements we’re making and continue to make.”
The Bentonville-based company estimates a second quarter earnings per share range of 83 cents to 88 cents. The company posted earnings per share of 86 cents in the second quarter of 2008.