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Walmart Posts Sales, Profit Gains In Qtr.

8/16/2012 06:41:23 AM Eastern

Bentonville, Ark. – Wal-Mart Stores reported higher net sales and net income in its fiscal second quarter, ended July 31.

Net sales were $113.5 billion, an increase of 4.5 percent from $108.6 billion in the second quarter last year. Net sales for this quarter included a negative currency exchange rate impact of approximately $2.2 billion.

Net income was $4.02 billion, up 5.7 percent from the prior year’s $3.8 billion.

 “Walmart had a strong second quarter, and I’m pleased with the earnings and overall results,” said Mike Duke, Wal-Mart Stores president and CEO. “We had positive comp sales in Walmart U.S. and Sam’s Club.”   

He added, “I’m really pleased with the continued momentum in our Walmart U.S. stores, evidenced, in part, by three consecutive quarters of positive comp traffic and four straight quarters of positive comp sales. [Walmart] is very focused on delivering broad assortment and price leadership.”

Duke noted, “Sam’s Club had strong comp sales for the quarter. The quality and innovation behind merchandising and services are contributing to strong comps. The result of Sam’s initiatives is greater value, which helps attract new members and strong renewals.

By operating segment, Walmart U.S. net sales were up 3.8 percent year on year to $67.4 billion. Operating income was up 5.3 percent year on year to $5.25 billion. Comp-store sales, without fuel, were up 2.2 percent vs. the prior year’s second quarter.

At Sam’s Club, net sales were also up 3.8 percent year on year to $14.2 billion. Operating profit during the quarter was up 10.1 percent year on year to $536 million. Comp-store sales without fuel in the quarter were up 4.2 percent compared with the prior year.