Walmart

Wal-Mart Stores Inc. has reported a strong sales performance for the four-week period ended 30 January 2009, with US sales up to US$17.96bn from US$16.93bn during the same period in 2008.

This domestic success helped boost overall group sales to US$27.74bn for the month, up from US$27.26bn last year.

'We are pleased that we exceeded our expectations fro comp store sales in January,' said Eduardo Castro-Wright, vice-chairman at Wal-Mart Stores Inc. 'Our sales were driven by a continuation of gains in customer traffic. Clearly, our stores are performing very well, as we continue to emphasise customer service and innovative merchandising.'

Despite success in the US, overall group sales were hit by a 7.3 per cent fall in international sales, which fell from US$7.17bn in 2008 to US$6.65bn. The drop was a result of an 18.3 per cent impact from foreign currency, with sales on a constant currency basis actually increasing 11 per cent during the month.

Mike Duke, the newly-appointed president and CEO of Wal-Mart Stores Inc., explained that the economic slowdown continued to have an effect on international sales through the month.

'The global economy continues to impact our customers,' he said. 'It is especially true in these tough times that we continue to serve the underserved around the world through many of our formats.'

Meanwhile Tim Schoewe, CFO and executive vice-president at the group, said that he expected US comparable sales without fuel to increase between 1-3 per cent between 31 January and 1 May 2009.

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