Wal-Mart’s Sales Grow, But NetIncome Falls
By Steve Smith -- TWICE, 8/15/2006
Bentoville, Ark. – While Wal-Mart reported lower net income per share of $2.08 billion for the second quarter compared with $2.81 billion the same time last year, net sales were up for both Wal-Mart Stores and Sam’s Club.
The global chain said its net income fell in part due to a $863 million loss on its decision to sell its German retail operations and it is reportedly the first time the chain saw its quarterly profit fall since 1996.
Net sales for all operations during the quarter were $84.5 billion, an increase of 11.3 percent over last year. Income from continuing operations during the quarter was $2.98 billion, a 4.6 percent gain.
U.S. comp stores sales for the quarter increased by 1.7 percent, which is represented by 1.5 percent for Wal-Mart Stores and a 2.6 percent increase for Sam’s Club. Wal-Mart Stores’s sales were up 6.9 percent to $55.4 billion in the quarter while Sam’s Club posted a 5 percent gain to $10.5 billion.
Wal-Mart’s segment operating income was up 4.2 percent to $4.16 billion vs. last year while Sam’s Club had a segment operating income of $402 million, an increase of 8.4 percent vs. last year’s second quarter.
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