Wal-Mart Profit Hits $3.4 Billion in Q3

Net sales reached $101.2 billion, an increase of 2.6% from last year.

Wal-Mart, the world's largest retailer, said on Nov. 16 that its net quarterly profit climbed 9.8% to $3.4 billion, beating expectations, as it expands international operations.

Net sales for the third quarter of 2011 reached $101.2 billion, an increase of 2.6% from $98.7 billion in the same quarter last year.

Profits rose 9.8% from $3.2 billion a year ago to $3.4 billion, or 95 cents per share, more than the 90 cents per share predicted by most analysts.

"Wal-Mart performed well in the third quarter, and we delivered solid earnings per share growth for our shareholders," said chief executive officer Mike Duke. "Our company now has delivered four consecutive quarters of operating expense leverage, and we continue to grow operating income faster than sales."

The retailer's expanding overseas operations helped boost its performance, as international net sales grew more than 9% this quarter compared to last year.

Wal-Mart added almost 10 million square feet of retail space this quarter, with 37% of the growth in Wal-Mart International.

"Our international business continues to deliver impressive results, with sales up more than nine percent," Duke said.

"Our Wal-Mart U.S. business is on the right track, with third quarter comp sales within guidance and operating income growing faster than sales.

"Wal-Mart U.S. will be the price leader this holiday season, and I am confident about improving comp trends for the fourth quarter," Duke added.

Copyright Agence France-Presse, 2010

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