Wal-Mart Posts Record Profit

May 13, 2008
Predicts flat sales in U.S. for next year.

Wal-Mart Stores, the world's biggest retailer, reported May 13 record quarterly earnings and sales for its discounted wares but sounded a cautious note on the weak U.S. economy. Net income for the fiscal 2009 first quarter ended April 30 was a record $3.022 billion, an increase of 6.9% from the same period in 2008. Net sales in the first quarter were approximately $94.1 billion, an increase of 10.2% from the same period a year ago.

The company said that its worlwide sales growth was driven by price leadership, better customer service and operational improvements, "even in light of economic headwinds caused by higher energy costs and food inflation." International sales led the way, rocketing 22% higher.

Sales in the retail giant's home market were far less brisk. Wal-Mart brand stores registered a gain of 6.6%, while its Sam's Club stores climbed 7.6%. "For the second quarter of fiscal year 2009, we estimate the companys comparable-store sales increase in the U.S. to be between flat and two percent," said Tom Schoewe, Wal-Mart executive vice president and chief financial officer.

Copyright Agence France-Presse, 2008

Popular Sponsored Recommendations

Shop Floor Optimization Solves Manufacturers’ Labor Challenges

Dec. 27, 2023
Read this FAQ to learn how mid-market manufacturers can use technology to optimize their shop floors and make better use of their available labor forces.

Service Lifecycle Management – Challenges and Opportunities

Feb. 18, 2024
Gain insights into the next wave of aftermarket optimization with Harvard Business Review’s whitepaper, in association with Tavant. Get an in-depth look at AI-powered Service ...

How to Build a Predictive Maintenance Program: Lessons Learned from LSB Industries’ Success

Dec. 21, 2023
Register today and join this webinar to gain insight on best practices for setting up a predictive maintenance program from industry experts.

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!