Walmart Posts $3.2 Billion Net in Third Quarter
BENTONVILLE, Ark.-Walmart recorded net income of $3.2 billion in the third quarter, up 3.2 percent from the third quarter of last year.
Net sales for the world's largest retailer rose 1.1 percent in the quarter, reaching $98.7 billion. Operating, selling, general and administrative expenses increased 3 percent, while cost of goods sold was essentially flat with last year's third quarter.
In a company statement, Mike Duke, president and chief executive officer, said the company's continually improving financials came about from "increased productivity and improved inventory management. The sales environment continued to be difficult this quarter, but customer traffic is up throughout the company. We gained market share, especially in the United States, the United Kingdom and Mexico."
Walmart's strongest segment in the third quarter was its U.S. stores, with an operating income boost of 5.1 percent on a sales gain of 1.7 percent. Its international stores posted a drop of 8.9 percent in operating income and 4.8 percent in net sales, while Sam's Club's operating income slipped 0.1 percent on a sales decline of 1.8 percent.
Same-store sales for the U.S. stores slipped 0.5 percent in the quarter and fell 1.9 percent for Sam's Club with gasoline sales factored in. Without gas sales, Sam's Club's comparable-store sales edged up 0.1 percent.