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Wal-Mart Raises Earnings Estimates

7/11/2002 09:03:00 AM Eastern

Bentonville, Ark. - Wal-Mart has upwardly revised its second quarter and full year earnings estimate based on better than expected air conditioner and clothing sales.

For the year Wal-Mart now expects its per share earnings to be between $1.76 and $1.78, up two cents from its prior guidance. For the second quarter per share earnings should be $.44 or $.45, up one penny from the previous estimate.

Wal-Mart also posted its latest sales figures. For the five-week period ending July 5 the retailer had sales of $23.7 billion, up 13.8 percent from the same period in 2001. Store sales for June were also higher than expected with same stores sales up 7.9 percent, almost a full percentage point higher than the company anticipated. Same store sales at Sam's Club were up 8.7 percent for June.