WAL-MART 'very pleased' with results
Wal-Mart has reported its sales and earnings for the third quarter. Sales were USD97.6 billion, an increase of 7.5%. Income from continuing operations for the third quarter was USD3.033 billion, an increase of 6.6%. During the third quarter, Wal-Mart recorded a USD107 million after-tax charge related to store closures and property divestitures at Seiyu in Japan and a USD212 million after-tax gain on the disposal of DC developer Gazeley which was sold in July 2008. "We are very pleased with our results this quarter," said Lee Scott, President and CEO. "Despite economic difficulties around the world, we achieved solid sales and earnings growth and we are optimistic about the upcoming holidays. At a time when our customer is feeling the pressure of a tough economy, Wal-Mart's price leadership is more important than ever. Our sales results reflect the improved customer experience and sharper merchandising presentation at Wal-Mart US, as well as higher traffic at Sam's Club among both Business and Advantage members. International remains Wal-Mart's fastest-growing business, proving that our mission of saving people money so they can live better resonates with customers everywhere we do business." In terms of comparable sales, Wal-Mart US posted an uptick of 2.7%, while Sam’s Club generated growth of 4.5%, both excluding fuel. For the fourth quarter, Wal-Mart estimates the comparable store sales increase in the United States to be between 1 and 3%, according to CFO Tom Schoewe. In Q3, the International segment saw sales climb by 11.2% to reach USD24.9 billion.
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