The effect of currency exchange rates reduced earnings by approximately $0.04 per share. Wal-Mart earned $0.86 per share from continuing operations in the second quarter last year.
Net sales for the second quarter were $100.082bn, a decrease of 1.4% from $101.546bn in the second quarter last year. Without the negative impact of currency exchange rates equal to $4.199bn, net sales for the quarter increased 2.7% to approximately $104.281bn on a constant currency basis (which assumes currency exchange rates remained the same as the prior year). Income from continuing operations increased to $3.449bn from $3.401bn in the same period last year.
“Our earnings exceeded consensus estimates and were at the top of our guidance,” said Mike Duke, Wal-Mart president and CEO. “We’re pleased with the performance of our operations around the world. We believe that our comparable store sales continued to outperform the retail sector almost everywhere we do business.
“In a sales environment more difficult than we expected, we managed our operations in a disciplined manner. Our US segments delivered strong inventory performance, which contributed to the company’s healthy increase in year-over-year earnings. We’re accelerating our focus on reducing our expenses.”
Source: Wal-Mart Stores Inc
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