Wal-Mart Up for Quarter

Wal-Mart Stores Inc. (Bentonville, Ark.) reported record sales and earnings for its second quarter ended July 31, 2004.

Net sales were $69.7 billion, an 11.3 percent increase over a year ago. Same-store sales in the U.S. were up 4.1 percent — up 3.2 percent for Wal-Mart Stores and up 8.8 percent for Sam’s Club.

For the first six months of the fiscal year, net sales were up 12.7 percent and same-store sales were up 5.2 percent — 4.5 percent for Wal-Mart Stores and 8.8 percent for Sam’s Club.

“I am pleased to report another quarter of record sales and earnings,” said president and ceo Lee Scott. “This quarter, earnings grew faster than sales, and we improved operating profits in all of our divisions. We consider this a solid performance in a difficult retail environment. Now at the half way point, we are on track for another record year.”