Walmart Reports Drop in Net Sales

Walmart Stores Inc. (Bentonville, Ark.) reported net sales for the first quarter were down 0.6 percent at $93.471 billion compared to the first quarter last year. Without the negative impact of currency exchange rates, the world’s largest retailer says its net sales for the quarter would have increased 4.5 percent to about $98.3 billion for the period.

U.S. same-store sales without fuel were up 3.7 percent with Walmart stores reporting a 3.6 percent increase and Sam’s Club tallying a 4.2 percent rise.
“We're pleased to report that fiscal year 2010 is off to a very good start,” said Mike Duke, Walmart Stores president and ceo. “These results were achieved in the face of a very challenging global economy.

“When economic conditions improve, we believe customers who shop Walmart today will stay with us, because of the business improvements we're making and continue to make,” Duke says. “Across the company, we are building our brand by reducing costs, sharpening our merchandising and updating our stores.

Last week, the retailer announced it will stop reporting monthly comparable store sales. The 13-week comparable store sales results will be reported as part of quarterly earnings news. Walmart U.S. and Sam's Club each expect their comparable store sales during the 13-week period from May 2 through July 31 to be between flat and three percent.