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Wal-Mart Reports Higher Q3 Net Sales, Earnings

11/14/2006 08:32:00 AM Eastern

Bentonville, Ark. — Wal-Mart Stores reported higher net sales and income for its third quarter ended Oct. 31.

Net sales for the third quarter were $83.5 billion, an increase of 12 percent over the third quarter of the previous fiscal year. Income from continuing operations for the quarter was $2.6 billion, an increase of 7.1 percent from $2.4 billion from last year’s third quarter

Lee Scott, Wal-Mart Stores president/CEO, commented, “Although sales in the U.S. were softer than we hoped for in the third quarter, there are real opportunities in the fourth quarter to build on the momentum of the aggressive pricing strategy we have implemented in our stores for the holiday season. This season, no one will doubt Wal-Mart’s leadership on price and value.”

In the Wal-Mart Stores segment in the third quarter it had operating income of $3.6 billion, an increase of 9.9 percent, compared with $3.3 billion in the third quarter of fiscal 2006. In the Sam’s Club segment during the third quarter operating income was $356 million, an increase of 4.1 percent, compared with $342 million in the third quarter of fiscal 2006.

Total U.S. comparable store sales for the quarter increased 1.5 percent, which is represented by a 1.5 percent increase for Wal-Mart Stores and a 1.8 percent increase for Sam’s Club. Comparable store sales that are presented in this release exclude the impact of fuel sales in the Sam’s Club segment. Fuel sales impacted the Sam’s Club and total U.S. comparable store sales figures for the quarter ended Oct. 31, 2006, by -1.8 and -0.3 percentage points, respectively.

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