Wal-Mart Reports Record Second Quarter Earnings
Company Raises Full-Year Earnings Forecast
Company Raises Full-Year Earnings Forecast
BENTONVILLE, Ark., Aug. 14, 2008 -- Wal-Mart Stores, Inc. (NYSE: WMT) today reported its sales and earnings for the quarter ended July 31, 2008. Net sales for the second quarter of fiscal year 2009 were approximately $101.6 billion, an increase of 10.4 percent from $92.0 billion in the second quarter last year.
Income from continuing operations for the second quarter was $3.385 billion, an increase of 9.3 percent from $3.097 billion in the second quarter last year. Diluted earnings per share from continuing operations for the second quarter of fiscal year 2009 increased to $0.86 from the previous year’s second quarter result of $0.75 per share (after reclassifying for discontinued operations, as noted below). The prior year included a net benefit of $0.04 per share from three items: the net impact of a reduction of general liability and workers’ compensation claim accruals, gains from the sale of certain real estate properties, and charges for legal and other contingencies.
Income from continuing operations for the second quarter was $3.385 billion, an increase of 9.3 percent from $3.097 billion in the second quarter last year. Diluted earnings per share from continuing operations for the second quarter of fiscal year 2009 increased to $0.86 from the previous year’s second quarter result of $0.75 per share (after reclassifying for discontinued operations, as noted below). The prior year included a net benefit of $0.04 per share from three items: the net impact of a reduction of general liability and workers’ compensation claim accruals, gains from the sale of certain real estate properties, and charges for legal and other contingencies.
Guidance
"For the third quarter of fiscal year 2009, we estimate the Company’s comparable store sales increase in the United States to be between one and two percent, which continues to reflect some sales volatility from week to week," said Tom Schoewe, Wal-Mart Stores, Inc. executive vice president and chief financial officer. "We expect the Company’s earnings per share from continuing operations for the third quarter to be between $0.73 and $0.76 and are raising our current forecast for earnings from continuing operations for the full fiscal year to a range of $3.43 to $3.50 per share."
"For the third quarter of fiscal year 2009, we estimate the Company’s comparable store sales increase in the United States to be between one and two percent, which continues to reflect some sales volatility from week to week," said Tom Schoewe, Wal-Mart Stores, Inc. executive vice president and chief financial officer. "We expect the Company’s earnings per share from continuing operations for the third quarter to be between $0.73 and $0.76 and are raising our current forecast for earnings from continuing operations for the full fiscal year to a range of $3.43 to $3.50 per share."
Segment Operating Income
Segment operating income for each operating segment, which is defined as income from continuing operations before net interest expense, income taxes, unallocated corporate overhead and minority interest, was as follows (dollars in billions):
Segment operating income for each operating segment, which is defined as income from continuing operations before net interest expense, income taxes, unallocated corporate overhead and minority interest, was as follows (dollars in billions):
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