BENTONVILLE, Ark.–Net income for Walmart was $3.5 billion, down by less than 1 percent from second-quarter net income from last year.
The world’s largest retailer registered net sales of $100.1 billion in the quarter, off 1.4 percent from the 2008 second quarter, while same-store sales for U.S. Walmart stores and Sam’s Clubs slipped 1.2 percent including the fuel sold at the clubs; without this, same-store sales rose 1.2 percent. But the company was able to hold its key expenses relatively in check: Operating, selling, general and administrative expenses edged up 2.4 percent, while cost of sales declined 2.5 percent.
It was that discipline over expenses that underscored Walmart’s second-quarter performance in this difficult retail environment, according to Mike Duke, president and chief executive officer. In a company statement, Duke said, “Our U.S. segments delivered strong inventory performance ... We are accelerating our focus on reducing our expenses.”
The statement added that Walmart expects U.S. comparable-store sales for the third quarter to range from flat to up 2 percent.