US retail titan Wal-Mart has reported net sales of US$76.8bn for the second quarter to 31 July, an increase of 10.2% over the second quarter of the prior year.
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Net income for the quarter was $2.8bn, an increase of 5.8% percent from $2.7bn in the second quarter of fiscal 2005. Earnings per share were $0.67, up from $0.62 per share in the same prior year quarter.
Net sales for the six months to 31 July rose 9.8% to $147.7bn. Net income increased 9.3% to $5.3bn.
“Early in the quarter, our results were disappointing; however, July came in stronger than expected. Wal-Mart Stores did miss their plan as our customer continues to be impacted by higher gas prices and it is difficult to improve our expense leverage in the current environment,” said Lee Scott, president and CEO.
Total US comparable sales for the quarter increased 3.5%, which is represented by a 3.6% comparable increase for Wal-Mart Stores and a 2.9% comparable increase for Sam’s Club.
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By GlobalDataThe company forecast earnings per share for the third quarter to come in between $0.55 to $0.59; for the year its forecast range is $2.63 to $2.70.
