Wal-Mart earnings hit new high

By Staff -- Home Textiles Today, 2/20/2007 12:30:00 PM

Bentonville , Ark. – Wal-Mart today reported fourth-quarter earnings of $3.94 billion, up nearly 10% from $3.589 billion in last year’s final quarter, a new record and one that beat analysts’ expectations.

Sales for the quarter rose 10.9% to $98.09 billion. Comps for U.S. stores rose 1.6%, led by a 3.1% increase at Sam’s Club and a 1.3% rise at Wal-Mart Stores.

In a recorded call for investors, ceo Lee Scott credited the performance to discount of key items like electronics and toys as well as the company’s efforts to assort stores to suit local demographics.

For the year, Wal-Mart recorded a profit of $11.28 billion vs. $11.23 billion in the previous year. Sales rose 11.7% to $344.99 billion. Comps for U.S. stores climbed by 2.1%, with Sam’s posted a 2.9% increase and Wal-Mart Stores 1.9%.

For the first quarter of the current fiscal year, Wal-Mart expects to grow comps 1% to 3%.