Walmart Stores Inc. (Bentonville, Ark.) reported net sales for the second quarter dropped 1.4 percent. For its U.S. division, sales were steady at 0.3 percent, while sales declined 5.1 percent internationally and 3.2 percent at Sam’s Club. On a same-store sales basis (without fuel), sales were down 1.2 percent for the company. For its U.S. division, comparable sales dropped 1.5 percent, while rising 0.6 percent at Sam’s Club.
“In a sales environment more difficult than we expected, we managed our operations in a disciplined manner,” says president and ceo Mike Duke. “We are accelerating our focus on reducing our expenses.
“Our earnings exceeded consensus estimates and were at the top of our guidance,” Duke adds. “We are pleased with the performance of our operations around the world. We believe that our comparable store sales continued to outperform the retail sector almost everywhere we do business.”
Looking ahead, the company expects U.S. comparable store sales during the third quarter to be between flat and two percent. Comparable sales for Sam's Club are estimated to be flat, plus or minus one percent.