Wal-Mart breaks through USD400 billion sales milestone
Wal-Mart has reported that net sales for the fiscal year to 31 January 2009 were USD401.244 billion, an increase of 7.2% over fiscal year 2008. Income from continuing operations increased 3.0% to USD13.254 billion, up from USD12.863 billion in the prior year. "Our performance relative to competitors was exceptionally strong throughout the year. We expect this momentum to continue," President and CEO Mike Duke said. "We finished the year with a strong balance sheet, record free cash flow of USD11.6 billion and great inventory management. Our company created approximately 63,000 jobs worldwide this year, including more than 33,000 in the United States. In addition, Wal-Mart remains well-positioned to continue to serve its customers in a challenging environment because of its strong price leadership." In the US, the Wal-Mart division saw sales climb by 6.8% to USD255.745 billion, with Sam’s Club generating sales of USD46.854 billion, up by 5.6%. The International division posted sales of USD98.645 billion, an increase of 9.1%. Reported International sales were negatively affected by the lower value of currencies versus the US dollar. On a constant currency basis (assuming currency exchange rates remained the same as the prior year), International sales increased 9.0% in the fourth quarter and 11.6% for the full fiscal year.
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