Wal-Mart Stores Inc
reported a flat quarterly profit as the stronger U.S. dollar offset increased
sales from shoppers seeking deals in its stores amid a global economic
slowdown. Profits were flat at $3.02 billion for its fiscal first quarter ended
April 30, but on a per-share basis it earned 77 cents, up from 76 cents a year
quarter, sales fell 0.6 percent to $93.47 billion. Net sales increased 4.5
percent to about $98.31 billion on a constant currency basis.
Walmart stores in the
3.8 percent to $61.24 billion, while they declined 1.4 percent to $10.96
billion in Sam's Club warehouse locations.
Wal-Mart's international division, sales fell 11.1 percent to $21.26 billion,
but on a constant currency basis international sales increased 9.1 percent to
pleased to report that fiscal year 2010 is off to a very good start,â said Mike
Duke, Wal-Mart Stores, Inc. president and chief executive officer. âThese
results were achieved in the face of a very challenging global economy. âWhen
economic conditions improve, we believe customers who shop Wal-Mart today will
stay with us, because of the business improvements weâre making and continue to
make,â Duke said. âAcross the company, we are building our brand by reducing
costs, sharpening our merchandising and updating our stores.
trust Wal-Mart,â Duke continued. âAs a result of the increasing shift to value,
they have long term loyalty to the Wal-Mart brand because we save them money.â