Wal-Mart Reports Record Sales and Earnings
BENTONVILLE, Ark. - Wal-Mart Stores Inc. today reported record sales and earnings for the quarter ended October 31, 2001. Net income for the quarter was $1.481 billion, up from $1.369 billion for the similar prior year quarter. Earnings per share were $0.33 up from the $0.31 per share reported in the same prior year quarter. Total sales were $52.738 billion, an increase of 15.5 percent over the similar prior year quarter.
Lee Scott, President and CEO said, "I am pleased to report that our associates rose to the challenge and met the earnings expectations we set at the beginning of the quarter. This is particularly encouraging given the slowing economy and the uncertainty of the last several months. More than ever before, we want to be there for our customers and help them meet the day- to-day needs of their families. We take this responsibility seriously, and we are encouraged with the way customers are responding to our stores and clubs.
"Sales grew by 15% in the quarter and 14% for the first nine months. In the recently completed quarter, we added almost $7.1 billion in sales. Despite the difficult economy, we are gaining market share and growing sales. Historically, this is a good environment for Wal-Mart.
"Net income for the quarter was almost $1.5 billion, up over 8%. Although our goal is for earnings to grow at a rate equal to or better than sales, this increase represents a more than doubling of the earnings growth rate experienced in the first six months of this year."
For the third quarter, the Wal-Mart Stores segment, including Supercenters, had operating profit (profit before interest, unallocated corporate expenses, and income taxes) of $2.346 billion, an increase of 4.8 percent compared with $2.239 billion for the similar period in the previous year. Operating profit for the nine months of the fiscal year was $7.186 billion, an increase of 3.3 percent compared with $6.959 billion for the similar period in the previous year.
The SAM'S CLUB segment had an operating profit for the quarter of $246 million, an increase of 12.3 percent compared with $219 million for the similar period in the previous year. Sam's operating profit for nine months ended October 31, 2001 was $731 million, a 12.8 percent increase compared with the $648 million for the similar period in the previous year.
The International segment had an operating profit of $344 million for the most recent quarter, an increase of 42.7 percent compared with $241 million for the similar period in the previous year. International operating profit for the nine months ended October 31, 2001 was $874 million, a 40.5 percent increase, compared to operating profit of $622 million for the similar period in the previous year.
Lee Scott, President and CEO said, "I am pleased to report that our associates rose to the challenge and met the earnings expectations we set at the beginning of the quarter. This is particularly encouraging given the slowing economy and the uncertainty of the last several months. More than ever before, we want to be there for our customers and help them meet the day- to-day needs of their families. We take this responsibility seriously, and we are encouraged with the way customers are responding to our stores and clubs.
"Sales grew by 15% in the quarter and 14% for the first nine months. In the recently completed quarter, we added almost $7.1 billion in sales. Despite the difficult economy, we are gaining market share and growing sales. Historically, this is a good environment for Wal-Mart.
"Net income for the quarter was almost $1.5 billion, up over 8%. Although our goal is for earnings to grow at a rate equal to or better than sales, this increase represents a more than doubling of the earnings growth rate experienced in the first six months of this year."
For the third quarter, the Wal-Mart Stores segment, including Supercenters, had operating profit (profit before interest, unallocated corporate expenses, and income taxes) of $2.346 billion, an increase of 4.8 percent compared with $2.239 billion for the similar period in the previous year. Operating profit for the nine months of the fiscal year was $7.186 billion, an increase of 3.3 percent compared with $6.959 billion for the similar period in the previous year.
The SAM'S CLUB segment had an operating profit for the quarter of $246 million, an increase of 12.3 percent compared with $219 million for the similar period in the previous year. Sam's operating profit for nine months ended October 31, 2001 was $731 million, a 12.8 percent increase compared with the $648 million for the similar period in the previous year.
The International segment had an operating profit of $344 million for the most recent quarter, an increase of 42.7 percent compared with $241 million for the similar period in the previous year. International operating profit for the nine months ended October 31, 2001 was $874 million, a 40.5 percent increase, compared to operating profit of $622 million for the similar period in the previous year.