Wal-Mart First Quarter Earnings Up Big

BENTONVILLE AR/USA (11 May 2000)--In the first quarter of 2000 retail giant Wal-Mart recorded US$1.326 billion in earnings (or 30 cents a share), compared to US$916 million during the same period in 1999 (or 20 cents a share). Sales for the quarter totaled $42.99 billion, up from $34.71 billion last year. Noteworthy is that the retailer's international division recorded 118% sales increase during the period, with profits more than doubling. Growth can be attributed for a large part to the ASDA Group, the third-largest grocery chain in Britain, which Wal-Mart acquired last year. The company's German subsidiary, however, continued to struggle due to heavy spending on distribution centers and remodeling stores. In the first quarter Wal-Mart opened 32 Supercenters, seven discount stores and two Sam's Club stores. It also opened 10 international stores in the UK, Brazil and China. As of April 30, Wal-Mart had 1,784 discount stores, 753 Supercenters and 465 Sam's Clubs. Internationally, Wal-Mart has 1,011 stores. (JW)