Wal-Mart income advances 10% in quarter

by Meat&Poultry Staff
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BENTONVILLE, Ark. — Income for Wal-Mart Stores, Inc. rose 10 percent during the first quarter on continued international strength and improving US sales.

For the quarter ended April 30, the company had income of $3,742 million, equal to $1.10 per share on the common stock, which compared with $3,399 million, or 97c per share, during the same quarter of the previous year. Revenue for the quarter was $113,018 million, up 9 percent from $104,189 million.

“We are very pleased that Wal-Mart delivered earnings and comparable sales above guidance for the first quarter,” said Mike Duke, president and chief executive officer of Wal-Mart. “Our overall performance reflects the success of Wal-Mart’s business model: driving the productivity loop, leveraging expenses and investing in price leadership. We believe that the momentum throughout our business positions us very well for the rest of the year.”

Wal-Mart US comparable store sales rose 3 percent for the quarter ended April 27. The international segment net sales grew 15 percent.

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