USA: Wal-Mart posts rise in Q2 net income
US retail giant Wal-Mart has posted a rise in quarterly earnings, as an improved performance by its Sam's Club warehouse unit and rapid international expansion helped to offset weaker sales at its US discount unit.
Bentonville, Arkansas-based Wal-Mart reported net income of US$2.44bn, or 56 cents per share, for the second quarter to 31 July, compared to $2.02bn, or 45 cents per share, a year earlier.
Excluding income from its recently sold McLane grocery distribution unit, Wal-Mart’s earnings were 52 cents per share, which was in line with analysts’ average estimate, reported Reuters.
Sam’s Club posted a 12.8% rise in operating profit for the quarter, despite lowering prices on hundreds of items as part of a price war with Costco Wholesale. Costco recently warned that its quarterly profits would be lower than expected, partly because of fierce pricing competition from Sam’s Club. Sam’s Club sales rose 7.7% to $8.55bn.
Wal-Mart’s total quarterly sales rose 11.3% to $62.6bn, while same-store sales rose 3.2%.
The retailer’s international division recorded the strongest growth in sales with a rise of 18.8%.
Companies: Wal-Mart Stores
It's easier talking to your customers if you speak their language. With millions of speakers of minority languages around the world, food processors and retailers need to be able to communicate with t...
US retailer Wal-Mart Stores Inc. plans to open 12 to 15 new stores in China this year according to the president of its international business, reports the Xinhua news agency....
Wal-Mart International chief John Menzer has met Indian prime minister Manmohan Singh and commerce minister Kamal Nath to lobby for permission to enter India's tightly-controlled retailing sector, the...
US retail titan Wal-Mart has reported record sales and earnings for the first quarter but said its results were lower than expected due to higher petrol prices and bad weather....
Wal-Mart Germany has cut prices of more than a thousand articles in its stores, some of them by over 20%....
Not content with pocketing one in every three pounds spent on groceries in the UK, the supermarket giant Tesco has now become the first British retailer to smash the £2 bn ($3.78bn) profit barrier. Ho...
US retail giant Wal-Mart Stores Inc, says it will open two outlets in Beijing this year, and at least one more store next year, according to an Asia Pulse report....
Overall US produce sales are soaring, but supermarkets are still losing market share to Wal-Mart, according to government figures....
- Does Kraft Heinz want to swallow Unilever whole?
- US food next wave on display at Winter Fancy Food
- Focus: Nestle CEO plan to balance sales, earnings
- Comment: Meal kits in US - don't believe the hype
- Wessanen eyes growth in "resurgent" organic market
- Kraft Heinz pulls Unilever bid
- General Mills issues profit warning
- Kerry operating earnings strengthen on slow sales
- Kerry Group staff in Ireland suspend strike action
- Kerry's Scanlon to replace McCarthy as CEO