Dog Bites Man

Wal-Mart Stores Inc. (Bentonville, Ark.) reported record earnings and sales for the quarter ended April 30, 2002.

Total sales of $54.96 billion represented an increase of 14.4 percent over a year ago. Net income for the quarter was $1.652 billion, up from $1.380 billion.

“We are pleased to report another record quarter of sales and earnings,” said president and ceo Lee Scott. “Our earnings growth exceeded our sales growth and our total shareholder return target. Further, our return on assets also improved. We are confident our earnings momentum will continue and look forward to reporting another record year in sales and earnings.”

Corporate same-store sales increased 8.1 percent. Wal-Mart stores had sales increases of 15.2 percent and same-store increases of 8.6 percent. Sam's Club's total sales were up 11.6 percent and same-store sales were up 5.7 percent. International sales increased 17.8 percent.