Wal-Mart Stores Inc. has announced that group earnings through the first quarter increased year-on-year to US$0.88 per share, or US$3.32bn, from US$0.77 (US$3bn) in the same period of 2009.
Net sales through the period ended 30 April 2010 climbed 6 per cent to US$99.1bn, up from US$93.5bn last year, while sales included a currency exchange rate benefit of US$2.5bn.
In the US, sales grew slightly by 1.1 per cent to US$62.3bn in the first quarter, while operating income rose 5.6 per cent to hit US$4.6bn.
It was Wal-Mart's international operations that proved the star turn of the quarter, however, with sales jumping 21.4 per cent year-on year to reach US$25bn from US$20bn in 2009. Operating income in the international segment soared 27.8 per cent to just over US$1bn from US$857m last year.
'Walmart kicked off the fiscal year with record first-quarter net sales and earnings, and I'm pleased that earnings exceeded guidance,' said Mike Duke, president and CEO of Wal-Mart Stores Inc. 'Our teams around the world delivered on our commitment to the productivity loop. We leveraged operating expenses for the second consecutive quarter and improved the profitability of our business.
'Our customers, particularly in the United States, are still concerned about their personal finances and unemployment, as well as higher fuel prices,' Mr Duke added. 'Our commitment to reducing prices and managing expenses positions us well across the retail landscape.'
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