US-based Wal-Mart Stores Inc. has released its second quarter (Q2) results for the three-month period ended 31 July 2009, with group sales falling 1.4 per cent to US$100bn (€706m) from US$101.5bn (€716.6m) last year.
However, the group said that, without the negative impact of currency exchange rates equal to US$4.2bn (€3bn), net sales increased 2.7 per cent to US$104.3bn (€736.4m).
Sales at the group's US stores increased by 0.3 per cent during the quarter, up to US$64.2bn from US$64bn last year.
However, Sam's Club sales dropped 3.2 per cent to US$11.9bn, with international sales down 5.1 per cent from US$25.3bn (€17.9bn) to US$24bn (€17bn).
Income from continuing operations jumped to US$3.45bn (€2.44bn) from the US$3.4bn (€2.4bn) recorded in the same period of 2008, Wal-Mart reported.
'Our earnings exceeded consensus estimates and were at the top of our guidance,' said group president and CEO Mike Duke. '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.
'In a sales environment more difficult than we expected, we managed our operations in a disciplined manner,' Mr Duke noted. 'Our US segements delivered storng inventory performance, which contributed to the company's healthy increase in year-over-year earnings. We are accelerating our focus on reducing our expenses.'
Looking ahead to the rest of the year, Mr Duke said that the retailer would continue to help customers save money during difficult financial times.
'The improvements in our stores are attracting new customers and keeping the loyalty of millions of the millions who shop with us,' he said. 'We are confident about Wal-Mart's long-term future and ability to build on its leadership position.'
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