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Walmart US reports positive comparable traffic

23
Feb '12
Wal-Mart Stores Inc reported financial results for the fourth quarter and full year ended Jan. 31, 2012. Net sales for the fourth quarter of fiscal 2012 were $122.3 billion, an increase of 5.8 percent from $115.6 billion in last year's fourth quarter. Net sales for the quarter included $2.4 billion of positive impact from the acquisitions of the Netto stores in the U.K. and Massmart in South Africa.

Net sales included approximately $1.0 billion of negative impact from currency exchange rates. Before acquisitions, and on a constant currency basis, net sales grew 4.5 percent to $120.9 billion.

Income from continuing operations attributable to Walmart for the quarter was $5.2 billion, up 3.4 percent from $5.0 billion last year.

Diluted earnings per share from continuing operations attributable to Walmart (EPS) for the fourth quarter of fiscal year 2012 were $1.51. EPS for the quarter benefited $0.07 from the following items:

•A net pre-tax benefit of $68 million related to a real estate gain and store closure transactions in Brazil; and
•A benefit of $187 million from income tax expense being lower than anticipated for the quarter.

The company's EPS guidance for the quarter of $1.42 to $1.48 did not include these net benefits. In comparison, EPS for the fourth quarter of last fiscal year was $1.41, which included a net tax benefit of $243 million, or approximately $0.07 per share.

Consolidated net sales for the full fiscal year were $443.9 billion, an increase of 5.9 percent over fiscal year 2011. Net sales included approximately $4.7 billion of positive impact from acquisitions and approximately $4.0 billion of positive impact from currency exchange rates. Before acquisitions, and on a constant currency basis, net sales grew 3.9 percent to $435.1 billion.

Income from continuing operations attributable to Walmart was $15.8 billion, a 2.7 percent increase from $15.4 billion last year. For fiscal year 2012, EPS was $4.54 versus last year's EPS of $4.18. This fiscal year included net benefits of certain items of $0.05 compared to $0.11 last year.

“We are pleased with Walmart's earnings performance for both the fourth quarter and the full year,” said Mike Duke, Wal-Mart Stores, Inc. president and chief executive officer. “Today, every segment of our business is stronger than it was a year ago, and we're in a great position for fiscal year 2013.”

Duke recognized the progress Walmart U.S. made during the quarter.

“Walmart U.S. reported positive comps of 1.5 percent for the fourth quarter including positive comp traffic. This is now the second consecutive quarter of positive comp sales,” he said. “Our price leadership is making a difference across the United States, as many families are settling into a new normal. Core customers remain cautious about their finances, and they rely on Walmart's EDLP promise to help them manage through today's economic challenges.”


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