Headlines

Wal-Mart Reports Record Quarterly Sales

Sluggish economy, mediocre comps don't slow the juggernaut

Published

21 years ago

February 18, 2003

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Despite a so-so 3 percent increase in same-store sales for its fourth quarter 2002, Wal-Mart Stores Inc. (Bentonville, Ark.) reported record quarterly sales and earnings for the period ended Jan. 31, 2003.

Total sales increased 10.7 percent, to $71.1 billion. For the year, net sales were $244.5 billion, an increase of 12.3 percent.

“In a challenging retail environment, with slowing comparable sales growth, we achieved another year of record sales and earnings, ” said president and ceo Lee Scott. “Net income exceeded $8 billion for the year for the first time and sales grew by almost $27 billion.”

For the quarter, total company same-store sales were up 2.7 percent, including a 0.4 percent decrease for Sam's Club stores. For the year, total company same-store sales were up 5.1 percent — a 5.7 percent increase for Wal-Mart stores and a 2.3 percent increase for Sam's Club.

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