Wal-Mart 3Q sales gain slight, but profit solid
HTT Staff -- Home Textiles Today, 11/15/2012 12:46:24 PM
Bentonville, Ark. - Expanded offerings helped the home department at Walmart US deliver a positive comp in the low single digit range in the third quarter - the fourth consecutive quarter of positive same-store sales for home.
While Wal-Mart Stores Inc. 3Q revenues missed analysts' expectations, the company reported a strong profit, with net income up 9.0% to $3.6 billion, or $1.08 for the period ended Oct. 31. Total sales rose 3.4% to $113.2 billion.
U.S. sales, including fuel, rose 3.6% to $66.1 billion, with operating income up 4.5% to $4.8 billion. Comp was up 2.1%. Excluding fuel, same-store sales rose 1.5%. The company noted that law-away purchases will not be counted until the transactions are complete and the merchandise is picked up, activities that will largely occur in the third quarter.
Sam's Club's revenues, including fuel, were up 4.7% to $13.9 billion. Comps increased 4.1%. Excluding fuel, same-store sales were up 2.7%.
Price will be a major consideration for holiday, said Mike Duke, president and ceo of Wal-Mart Stores Inc.
"Across all of our markets, we are seeing the same price consciousness as we do in the U.S." he said in a pre-recorded statement reviewing third quarter results.
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