CorporateWal-Mart Q3 profit rises 3.2%; sales up 1.1%
The world"s largest retailer, Wal-Mart Stores Inc, today reported a 3.2 per cent rise in profit at $3.25 billion for the quarter ended October this year, with rise in productivity and improved inventory management supporting its profitability.
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The retailer had reported a profit of $3.14 billion in the same quarter last year, the company said in a statement.
Net sales for the third quarter stood at $98.667 billion, an increase of 1.1 per cent from $97.619 billion in the third quarter last year, it said.
"Increased productivity and improved inventory management led to a better customer experience and contributed to our strong financial performance. The sales environment continued to be difficult this quarter, but customer traffic is up throughout the company," Wal-Mart President and Chief Executive Officer Mike Duke said.
"We gained market share, especially in the US, the UK and Mexico, as customers around the globe continued to count on Wal-Mart for quality and low prices," Duke said.
However, reported international sales for the three months ended October 31, 2009, reduced by $2.67 billion as a result of the effect of currency exchange rates.
In its outlook for the fourth quarter, Wal-Mart expects to report earnings per share from continuing operations for the fourth quarter of fiscal year 2010 between $1.08 and $1.12. The company"s earnings per share from continuing operations for Q3 stood at $0.84.