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Wal-Mart Sales Up 8.3%, CEO Not Satisfied

5/15/2007 08:31:00 AM Eastern

Bentonville, Ark. — Wal-Mart’s fiscal first-quarter income from continuing operations were up 6.2 percent to $2.8 billion on net sales from its domestic and international operations of $85.4 billion.

Despite these numbers record breaking numbers, Lee Scott, Wal-Mart CEO, said the financials were not what he expected the company to deliver.

"Again we had record sales and earnings, but we're not where we were expected to be. We are not satisfied with our overall performance," he said in a pre-recorded message to Wal-Mart investors.

The two domestic wings of the company, Wal-Mart Stores and Sam’s Club, respectively generated operating incomes of $3.9 billion and $363 million, both up 5.6 percent, on respective revenues of $55.4 billion and $10.3 billion. The company’s international operations generated an operating income of $903 million, up 19.3 percent and the remaining $19.6 billion of the company’s overall sales.

Comp-store sales for Wal-Mart Stores were flat during the quarter, but Sam’s Club locations had a 4.7 percent increase.


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