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Wal-Mart Q2 Sales, Profit Up

8/13/2002 09:16:00 AM Eastern

Bentonville, Ark. - Wal-Mart Stores thrived despite a weak economy, racked up record sales and earnings during its fiscal second quarter with net income reaching the $2 billion mark.

Sales jumped 13.1 percent, hitting $59.7 billion, up from $52.8 billion in the same period in 2001. Net income for the quarter, ended July 31, reached $2 billion, up from $1.6 billion in the year-ago period. Total company comp-store sales were up 6.4 percent in the three months.

Sales for the Wal-Mart stores segment climbed 14.1 percent in the second quarter, to $38.6 billion, compared with $33.9 billion in the same three months last year. The segment's comp-store sales increased 7.1 percent in the second quarter. Operating profit soared 17.2 percent in the period, hitting $3 billion, up from $2.6 billion in the same period last year.

At Sam's Club, sales in the second quarter rose 9.2 percent, to $7.9 billion, up from $7.3 billion in the same three months the previous year. Comp-store sales at the warehouse club segment were up 3.4 percent in the second quarter. Operating profit for Sam's in the second three months increased 3 percent, to $275 million, up from $267 million in a similar period in 2001.

For the six months, sales at the Wal-Mart stores segment increased 14.6 percent, hitting $74.1 billion, up from $64.6 billion year over year. Com-store sales for the six months jumped 7.8 percent, while operating profit climbed 16.7 percent, to $5.6 billion, up from $4.8 billion in the same period last year.

Sam's Club six-month sales rose 10.4 percent, reaching $15.2 billion, compared with $13.8 billion in the second quarter of 2001. Comp-store sales for the period increased 4.7 percent, while operating profit edged up 1.6 percent, to $493 million, compared with $485 million in the similar period the previous year.

Overall Wal-Mart Stores sales for the six months jumped 13.7 percent, hitting $114.7 billion, compared with $100.9 billion in the year-ago period. Comp-store sales climbed 7.3 percent, while net income rose 23 percent, to $3.7 billion, up from $3 billion year over year.