Walmart profit rises 2.6 percent during third quarterNovember 17th, 2010 - 12:50 am ICT by BNO News
BENTONVILLE, ARKANSAS (BNO NEWS) — Walmart Inc. on Tuesday announced its results for the third quarter of 2011 which reflect a 2.6 percent increase in its net sales and a 9.3 percent rise in its International division.
Net sales for the period were $101.2 billion in contrast with the $98.7 billion in the third quarter last year. Walmart International continued to drive growth for the company after registering $26.8 billion in net sales due to the growing demand from countries such as Mexico, Brazil, China and Canada.
“Walmart performed well in the third quarter, and we delivered solid earnings per share growth for our shareholders,” said Mike Duke, Wal-Mart Stores, Inc. president and chief executive officer. “Our company now has delivered four consecutive quarters of operating expense leverage, and we continue to grow operating income faster than sales.”
Income from continuing operations attributable to Walmart for the period was $3.4 billion and slight increase from the $3.2 billion registered in the third quarter last year. Walmart reported third quarter diluted earnings per share (EPS) of $0.95, last year it reported $0.82 per share. The company’s EPS for the period included a tax benefit of $191 million, which is approximately $0.05 cents per share.
“I’m pleased that we increased our full-year earnings per share guidance to reflect the tax benefit from the third quarter and our expectations for our business performance in the fourth quarter,” Duke added.
The international market continues to be an important factor in Walmart’s finances as it is expanding its reach through new units and multi-channel initiatives worldwide. The company added almost 10 million square feet of retail space this quarter, with 37 percent of the square footage growth in Walmart International.
Walmart U.S. net sales were relatively flat for the third quarter, $62.17 billion, when compared with the $62.21 billion from the previous year. However, the strong sales growth from Mexico, Brazil, Japan and China, as well as the Sam’s Club sales (which were up by 2.7 percent) helped the company to register an increment on its overall net sales.
“Our International business continues to deliver impressive results, with sales up more than nine percent,” Duke said. “We also were pleased with the ongoing sales momentum at Sam’s Club and expect that momentum to continue in the fourth quarter. Our Walmart U.S. business is on the right track, with third quarter comp sales within guidance and operating income growing faster than sales.”
- Infosys lowers guidance for fiscal 2013 (Lead) - Apr 13, 2012
- Wal-Mart Q3 profit below estimates - Nov 16, 2011
- Infosys profits from weak rupee, lowers dollar guidance (Lead) - Jan 12, 2012
- Infosys beats guidance but stock dips on muted earnings - Jul 12, 2011
- Wipro battles to grow in volatile market (Lead) - Jul 24, 2012
- Infosys beats guidance, revises outlook again - Oct 12, 2011
- BRIC revenues help push IBM profits - Apr 18, 2012
- Wipro outlook cautious on flat growth (Lead) - Apr 25, 2012
- infosys revenue guidance dips on negative growth (Lead) - Jul 12, 2012
- Johnson Control reports 22 percent revenue increase in Q3 2010 - Jul 24, 2010
- Wipro's IT outlook remains flat on marginal growth (Lead) - Jan 20, 2012
- General Motors reports $2 billion profit - Nov 10, 2010
- Infosys bets on double-digit growth again; beats guidance (Lead) - Apr 15, 2011
- RIL profit falls 13.55 percent, to buy back shares - Jan 20, 2012
- Dabur India Q2 net profit rises 8.42 percent - Oct 31, 2011
Tags: bno, business performance, channel initiatives, chief executive officer, consecutive quarters, diluted earnings per share, earnings per share, fourth quarter, mike duke, net sales, operating income, previous year, retail space, share growth, square footage, tax benefit, wal mart, wal mart stores, wal mart stores inc, walmart