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Wal-Mart’s Q2 Earnings Up 21%

8/13/2003 11:41:00 AM Eastern

Bentonville, Ark. - Wal-Mart Stores said net income grew 21 percent to $2.4 billion for the second quarter ended July 31, while total sales climbed 11.3 percent to $62.6 billion and same store sales rose 3.2 percent.

Excluding income from discontinued operations, earnings were up 15 percent to $2.3 billion.

The world’s largest retailer attributed the quarterly gains to a rebound in its Sam’s Club warehouse club business and rapid expansion overseas.

Broken out by unit, Wal-Mart’s flagship discount stores posted a 9.3 percent hike in operating profit to $3.3 billion and a 10.2 percent gain in net sales to $42.6 billion, and Sam’s Club operating profit rose 12.8 percent to $309 million as total sales increased 7.7 percent to $8.6 billion. For the international division, operating profit and net sales both climbed nearly 19 percent.