Wal-Mart reports record Q1 sales & earnings

13 May '08

2 min read

Wal-Mart Stores Inc reported its sales and earnings for the quarter ended April 30, 2008. Net sales for the first quarter of fiscal year 2009 were approximately $94.1 billion, an increase of 10.2 percent over $85.4 billion for the first quarter of fiscal year 2008.

Net income for the quarter was $3.022 billion, an increase of 6.9 percent from $2.826 billion in the first quarter of fiscal year 2008. Diluted earnings per share for the first quarter of fiscal year 2009 were $0.76, up from $0.68 per share in the same prior year quarter.

“We're off to a solid start, with record first quarter sales and earnings,” said Lee Scott, Wal-Mart Stores, Inc. president and chief executive officer. “We continue to deliver against the business model that Sam Walton started – selling branded merchandise for less. Our business is even more relevant to our customers today, given the current economic pressures.”

Price leadership, better customer service and operational improvements remained the primary drivers of sales growth worldwide, even in light of economic headwinds caused by higher energy costs and food inflation.

“Our customers appreciate that Wal-Mart is the consistent price leader,” Scott added. “We continue to make progress in delivering on our mission of saving people money so they can live better.”

The Company reports comparable store sales in this earnings release based on the calendar months in the quarters that ended April 30, 2008 and 2007. The first quarter this year included an additional selling day on Feb. 29, due to the leap year.

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