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Wal-Mart, the world’s biggest retailer, said net income was US$3,8 billion for the three months ending July 31, a rise of 5,7 percent from the 2010 second quarter.
The earnings marked an acceleration in profits from the 3,0 percent rise in the first quarter for the discount retailer.
The company said earnings were US$1,09 per share excluding special items, a penny higher than estimated by analysts. “I’m encouraged by the sales improvement in our Walmart US stores,” Wal-Mart chief executive Mike Duke said in a statement. Duke said comp sales – sales in stores open at least a year – increased every month in the quarter.
“This was the best quarterly performance since the third quarter of fiscal 2010,” Duke said.
Wal-Mart, which has been battling a slump in its domestic market amid a struggling economy, is “committed to deliver positive comp sales by widening the gap on price”, he said.
Continued strength in international sales led a 5,4 percent rise in net income, to US$109,37 billion.
International sales for the company’s main Walmart discount chain leaped more than 16 percent in the quarter, to US$30,1 billion.
“I’m pleased that we’ve made so much progress on integrating the acquisitions of the Netto stores in the UK and Massmart in sub-Saharan Africa,” Duke said.
“We look forward to the many opportunities we have in Africa to create jobs and help customers save money and live better.” – AFP.
Online Reporter