|
Wal-Mart said net income in the quarter ended Jan. 31 rose to $4.096 billion, or $1.02 per share, compared to $3.94 billion, or 95 cents a share, a year earlier.
Net sales grew 8.3 percent to $106.27 billion, helped by 18.8 percent international growth and 5.0 percent growth at U.S. Wal-Mart stores. Overall revenue including membership fees rose to $107.43 billion from $99.078 billion a year earlier.
Analysts surveyed by Thomson Financial had expected profit of $1.02 per share on revenue of $106.9 billion.
Wal-Mart forecast earnings per share for the 2009 fiscal year of $3.30 to $3.43. The range of 23 analyst estimates for the full year was $3.30 to $3.55, according to Thomson.
Chief Executive Lee Scott said Wal-Mart's decision last year to refocus on low prices after a brief foray into fashion and trendier merchandise had paid off in a time of mounting economic uncertainty.
"The price leadership strategy we put in place at the beginning of the year was exactly the right strategy for our customers around the world in a tough economic environment," Scott said.
Scott said the economy remains a critical issue for consumers this year.
"Customers were more cautious in their spending in January. In a volatile economy, I believe we are well positioned to succeed."
[Associated Press]
Copyright 2007 The Associated Press. All rights reserved. This
material may not be published, broadcast, rewritten or
redistributed. |
