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Wal-Mart CE, DVD Sales Strong, But Game Sales Down

18 May, 2010 By: Chris Tribbey

Wal-Mart posted record net sales for its fiscal first quarter of 2010 (ended April 30), but while the No. 1 DVD retailer enjoyed strong DVD sales, video games and gaming hardware were down sharply.

“Our entertainment comp sales were negative, as we experienced mixed results by category,” said Eduardo Castro-Wright, Walmart vice chairman, during a May 18 conference call with investors. “We continue to see strong performance in large-panel TVs, with new LED technology, in laptops and in wireless. We also benefited from a favorable DVD release schedule compared to last year.

“On the other hand, video games and gaming hardware were below expectations across all the gaming brands, due to fewer new releases and the lack of innovation in gaming systems.”

Net sales for the quarter were $99.1 billion, up 6% from the same quarter during fiscal 2010. The retailer reported a profit of $3.32 billion, up from $3.02 billion during the fiscal first quarter of 2010.

“Wal-Mart kicked off the fiscal year with record first-quarter net sales and earnings, and I'm pleased that earnings exceeded guidance,” said Mike Duke, Wal-Mart Stores president and CEO. “Our customers, particularly in the United States, are still concerned about their personal finances and unemployment, as well as higher fuel prices.”

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