US-based retail group Walmart has announced that group sales grew steadily during the third quarter (Q3) of the year, defying the current slowing global economic climate.
Net sales for the period ended 31 October 2008 increased by 7.5 per cent to US$97.6bn, up from a total of US$90.8bn for the third quarter of 2007.
Diluted earnings per share increased to US$0.77 from last year's US$0.70 per share, with income from continuing operations up 6.6 per cent to US$3.03bn.
'We are very pleased with the results this quarter,' said Lee Scott, president and CEO at Walmart Stores Inc. 'Despite economic difficulties around the world, we achieved solid sales and earnings growth and are optimistic about the upcoming holidays. At a time when our customer is feeling the pressure of a tough economy, Walmart's price leadership is more important than ever.'
Comparable store sales are expected to jump 1 per cent-3 per cent during the fourth quarter of the year, according to group executive vice-president and CFO Tom Schoewe, who added: 'The rapid changes in currency exchange rates during the last few weeks are projected to negatively affect this year's fourth-quarter results by approximately US$0.06 per share.'
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