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Wal-Mart Reports Higher Sales, Earnings

5/17/2012 10:43:01 AM Eastern
Bentonville, Ark. - Wal-Mart Stores reported higher net sales and net income in its fiscal first quarter ended April 30.

Net sales for the first quarter were $112.3 billion, an increase of 8.6 percent from $103.4 billion in the first quarter last year.

Consolidated net income for the quarter was $3.7 billion, up 9.2 percent from the first quarter last year.

By segment net sales for Walmart U.S., including fuel, was $66.3 billion up 5.9 percent and Sam's Club was $13.9 billion up 7.9 percent compared with the prior year's first quarter.

Walmart U.S. operating income was up 8.1 percent to $5.03 billion and Sam's Club was $490 million up 7.7 percent compared with the prior year.

Comp sales without fuel at Walmart U.S were up 2.6 percent in the quarter compared with a slide of 1.1 percent in the prior year. For Sam's Club it was up 5.3 percent compared with a gain of 4.2 percent in last year's first quarter.

Mike Duke, Wal-Mart Stores, president and CEO, commented, "In a highly competitive retail environment, Walmart U.S. is increasing price separation across categories and driving increased traffic to both the grocery and general merchandise areas of our stores. That strategy was reflected in the 2.6 percent comp," said Duke. "Customers count on us for one-stop shopping and our merchandising priorities are aligned with that in mind. Walmart U.S. also grew operating income faster than sales this quarter.

"Sam's Club is off to a great start this year, with continued strength in traffic and ticket," Duke continued. "Membership engagement scores are at record highs, membership income is growing, and renewals and upgrades are strong."
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