Wal-Mart Reports Record Sales And Earnings

LITTLE ROCK, AK/USA (November 22) - Wal-Mart, the world's largest retailer, reported record sales and earnings for the third quarter. Net profit for the quarter, which ended on October 31, reached $1.8bn or $0.41 per share, compared with $1.5bn or $0.33 per share in the year-earlier period. Third quarter sales increased 11.5% to $58.8 billion compared with $52.7bn for the same period the year before. For the first 9 months of this fiscal year net profit was up 22.9% to $5.5bn or $1.24 per share. The retailer's international units reported a rise in earnings with operating profit up 42.4% in the quarter to $447m. Wal-Mart President & CEO Lee Scott said: "In a challenging economic environment and with slowing comparable store sales growth, we achieved another quarter of record sales and earnings. Net income grew by almost 23% on a sales increase of 11.5%. Going into the important holiday selling season, we feel confident we are well positioned for a successful and record fourth quarter." He expects fourth-quarter comparable sales up 3-5%. Last month Wal-Mart made a key strategic move into China when it signed an agreement with Citic, a mainland utilities and financial group, to open new stores in Shanghai and in other east coast locations. (FN)