 |
|
 
|
|
|
Sign up now for your FREE subscription to the interactive digital magazine.
|
|
International sector driving results
Walmart Stores Inc. (Bentonville, Ark.) reports its net sales were $112.8 billion for the fourth quarter of fiscal year 2010, an increase of 4.6 percent compared to the same period last year. For the fiscal year ended Jan. 31, 2010, net sales rose 1 percent to $405 billion.
"Walmart's exceptional earnings for the fourth quarter and the full year exceeded our expectations," says Mike Duke, Walmart Stores Inc. president and ceo. "These results reflect the ongoing underlying strength of our business and our strategies to improve shareholder value through our priorities - delivering growth, leveraging expenses and improving returns.
For the fourth quarter, U.S. comparable store sales were below guidance, due primarily to deflation in grocery and electronics. Among its division, Walmart U.S. reported sales were down 2 percent (with and without fuel). Sam’s Club same-store sales rose 0.7 percent without fuel, and 3.7 percent with fuel. Total U.S. same-store sales without fuel were down 1.6 percent, while sales with fuel dropped 1.2 percent for the quarter. For the year, Walmart U.S. same-store sales (without fuel) remained flat, while sales with fuel declined 0.3 percent.
Walmart says it added more than 34 million net square feet of selling space during the fiscal year, with the majority of that growth in international markets. "We expect continued strong growth from international this fiscal year,” says Duke. “U.S. sales will be more challenging in the first quarter, as Walmart U.S. cycles through strong year-over-year comparisons and deflation. We remain focused on growing top line sales, and expect improvement in the United States as the year progresses."
The company’s fourth quarter international net sales rose 19.5 percent to $29.6 billion, while fiscal year sales grew to $100.1 billion. This increase includes the company’s new Chilean operations, where were acquired in January 2009, and a $1.9 billion positive impact from currency exchange rate fluctuations.
Did you enjoy this article? Click here to subscribe to the magazine.
