Wal-Mart same-store sales up 1.4 percent in third quarter
Wal-Mart announced third-quarter net sales for this year to be approximately $90.9 billion, 8.8 percent over the same quarter for the previous year, which was $83.5 billion.
The company also reported net income to be $2.86 billion, up 7.9 percent from last year’s income of $2.6 billion.
The company also reported comparable-store sales rose 1.4 percent, a smaller gain than the 2.1 increase the company saw last year.
“Our results for the third quarter reflect the improved performance of our U.S. operations. Both Wal-Mart Stores U.S. and Sam’s Club increased profits faster than sales. Wal-Mart International posted a solid quarter as well,” said Lee Scott, Wal-Mart Stores’ president and CEO. “Our focus on managing inventory this quarter was very positive.”
The company expects U.S. comparable-store sales to be flat to 2 percent for the fourth quarter.