Wal-Mart Stores Inc, the world's largest retail group, has this week reported that overall net income for the second quarter of the year climbed 3.6 per cent, up to US$3.59bn from the US$3.47bn it recorded last year.
The stronger year-on-year performance was driven by growth performances in international markets such as China, Brazil and Mexico, the group noted, as well as extensive cost-cutting measures.
Net sales rose 2.8 per cent through the three-month period to US$103bn, with sales for Walmart International jumping 11 per cent on 2009 to US$26bn.
In the US, however, comparable store sales fell 1.8 per cent and net sales increased by just 0.6 per cent to US$64.6bn, while Sam's Club revenue grew 3.4 per cent to US$12.46bn.
'We continue to focus on our priorities of growth, leverage and returns. Despite the ongoing challenges of the global economy, we continue to grow our earnings and are reporting US$0.97 per share today,' said Mike Duke, Wal-Mart Stores, Inc. president and chief executive officer. 'We are raising our full year guidance to a range of US$3.95 to US$4.05. Our teams leveraged operating expenses for the third consecutive quarter, through their commitment to the productivity loop.
'The slow economic recovery will continue to affect our customers, and we expect they will remain cautious about spending,' Duke added. 'Walmart is committed to our mission of saving people money so they can live better.'
Wal-Mart highlighted its international performance, with the company adding almost 5m square feet of retail space through the quarter, with more than 60 percent of the square footage growth in Walmart International.
'Our international business continues to be an impressive growth engine, and Walmart International grew operating income faster than sales,' Duke said.
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