Wal-Mart Stores Inc, the world's largest retail group, has reported on a mixed third quarter (Q3) of the year that saw net sales power forward both at home and abroad, but also saw a year-on-year drop in net profit.
For the three-month period, overall group net income from continuing operations came in at US$3.3bn, down 2.9 per cent on the previous year.
However, net sales stood at US$109.5bn, up 8.2 per cent on the US$101.9bn recorded last year, boosted by US$2.1bn in sales from acquisitions in the UK and South Africa and a currency exchange transition benefit of US$1.3bn.
US sales for the period ended 31 October grew 2.7 per cent to US$63.8bn, while Walmart International sales jumped 20.3 per cent to US$32.4bn.
'Every business segment is stronger today than it was a year ago, and we delivered solid earnings growth for our shareholders in the third quarter,' said Mike Duke, Wal-Mart Stores Inc. president and CEO. 'Both Walmart US and Sam'sClub exceeded comp sales guidance, and I'm pleased that the sales momentum positions us exceedingly well for the holidays. We also are pleased with the growth in both sales and operating income for Walmart International.'
The economy continues to weigh on Walmart U.S. customers, and Duke said the stores are continuing a strategy of investing in low prices forthe holidays.
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