Profits Climb as Wal-Mart Meets Fiscal Third-Quarter Forecast13 Nov, 2001 By: Hive News
Top retailer Wal-Mart Stores Inc. on Tuesday reported higher profits for the third quarter, meeting Wall Street expectations.
Despite the slowing economy and soft retail climate, Bentonville-based Wal-Mart earned $1.48 billion, or 33 cents a share, for the three months ended Oct. 31 compared to $1.37 billion, or 31 cents per share, in the year-ago period.
Total quarterly sales climbed 15.5% to $52.7 billion from $45.7 billion a year ago. Same-store sales were up 6.7%.
Traditional Wal-Mart stores and Supercenters saw an operating profit of $2.346 billion, an increase of 4.8% from last year's third quarter. International posted an operating profit of $344 million.
For the first nine months of its fiscal year, Wal-Mart earned $4.48 billion, or $1 a share, up from $4.29billion, or 96 cents a share, a year ago.
Nine-month sales rose to $153.6 billion from $134.8 billion a year ago.
At quarter's end, the company had 1,637 traditional Wal-Mart stores, 1,059 Supercenters, 492 Sam's Clubstores and 26 Neighborhood Market grocery stores in the United States. Wal-Mart has 1,133 international stores, including 533 in Mexico, 93 in Germany and 15 in China, according to the Associated Press.