BENTONVILLE, Ark.–Walmart posted consolidated net income of $3 billion in the first quarter, dead even with its bottom-line total from the first quarter of last year.
Net sales for the world’s largest retailer were $93.5 billion in the quarter, down 0.6 percent from the 2008 first quarter. Same-store sales (including fuel sales) for Walmart’s U.S. locations rose 2.9 percent in the quarter. Sales at Walmart’s international stores fell by more than 11 percent, offsetting a 3.8 percent sales pickup in its U.S. stores, due largely to the negative impact of currency exchange rates. On the expense side, the company’s operating, selling, general and administrative expenses rose 2 percent, and its cost of goods sold fell 1.3 percent.
In a Walmart statement, Mike Duke, president and chief executive officer, said the new fiscal year is “off to a good start. These results were achieved in the face of a very challenging global economy.”
The company also said it expects same-store sales for the second quarter to be flat to 3 percent higher compared to last year.