Retail giant Wal-Mart International has reported that overall group sales fell 0.6 per cent during the first quarter of fiscal year 2010, impacted by a lower International result and lower sales at its Sam's Club operation.
Sales at Walmart US bucked the trend, increasing by 3.8 per cent on a year-on-year basis to hit US$61bn from US$59bn last year. Sam's Club sales dropped 1.4 per cent to US$10.96bn for the 12-week period.
International sales fell 11.1 per cent during the period to US$21.3bn, negatively affected by currency translations to the US dollar. On a constant currency basis international sales increased 9.1 per cent to US$26.1bn.
'We're pleased to report that fiscal year 2010 is off to a good start,' said Mike Duke, Wal-Mart's president and CEO. 'These results were achieved in the face of a very challenging global economy.
'When economic conditions improve, we believe customers who shop Wal-Mart today will stay with us, because of the business improvements we're making and continue to make,' he continued. 'Across the company, we are building our brand by reducing costs, sharpening our merchandising and updating our stores.'
Tom Schoewe, Wal-Mart's chief financial officer and executive vice-president, praised the company's financial stability through difficult economic times.
'The company is in a great financial position, and we're proud of our strong balance sheet and the free cash flow generated by our operations,' he said. 'We're doing an excellent job taking care of our customers and we'll continue to help them save money so they can live better long after the economy recovers.'
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