Wal-Mart Stores has reported financial results for the quarter ended 31 July, with improvements in sales and earnings.
Net sales for the second quarter of fiscal 2013 were US$113.5bn, an increase of 4.5 per cent from $108.6bn last year, while income from continuing operations attributable to Walmart was US$4bn,up 5.7 per cent.
'Walmart had a strong second quarter, and I’m pleased with the earnings and overall results,' said Mike Duke, Walmart president and chief executive officer. 'We had positive comp sales in Walmart US and Sam’s Club, as well as each of our International markets, reinforcing that customers rely on Walmart to help them save money and live better.'
The company leveraged operating expenses for the second quarter, as it looked to deliver on its commitment to reduce costs, improve productivity and invest in price.
'Our intense focus on delivering productivity initiatives and reducing costs allowed us to invest in lower prices for our customers and to deliver strong profitability for shareholders,' said Duke, who also highlighted the successful performance of the company’s three operating segments – Walmart US, Sam's Club and Walmart International.
'We are also pleased with the sales and profitability of Walmart International,”Duke said. “Our goal is to achieve more balance between profitability and returns, and we will do that by improving operational and sales productivity.”
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