Wal-Mart Stores, Inc. reported net sales for the first quarter (ending April 30, 2010) of its fiscal year 2011 were $99.1 billion, 6% from $93.5 billion during the same period a year ago.
Wal-Mart U.S. comparable store sales for the first quarter 13-week period declined 1.4 percent. Sam's Club posted a comparable club sales increase, without fuel, of 0.7 percent.
"Wal-Mart kicked off the fiscal year with record first quarter net sales and earnings, and I'm pleased that earnings exceeded guidance," said Mike Duke, Wal-Mart Stores president and CEO. "Our teams around the world delivered on our commitment to the productivity loop. We leveraged operating expenses for the second consecutive quarter and improved the profitability of our business.
"Our customers, particularly in the United States, are still concerned about their personal finances and unemployment, as well as higher fuel prices," Duke added.
Wal-Mart International remains the fastest-growing segment, with net sales up more than 21%.
For the second quarter of this fiscal year, the company forecasts earnings per share from continuing operations attributable to Wal-Mart to range from $0.93 to $0.98, as compared to $0.88 per share last year. Earnings guidance assumes that currency exchange rates remain at current levels.
"Our guidance is based on our view of the global business. This includes the continuing challenging sales environment in the United States," said Tom Schoewe, executive vice president and chief financial officer. "We remain on track to deliver solid growth, operating leverage and superior returns.
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