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Walmart Sales Slow In 1q

(Filed Under Financial and General Interest News). Wal-Mart Stores, Inc., which experienced strong sales during last year’s recession as consumers sought bargains, experienced slowing sales during the first quarter ended April 30, 2010.

Although net sales increased 6 percent, to $99.1 billion from $93.5 billion, Walmart U.S. comparable store declined 1.4 percent. Sam’s Club posted a comparable club sales increase of 0.7 percent, excluding fuel, with apparel among strong-performing categories.

Mike Duke, president and chief executive officer of Wal-Mart Stores, reported that the company’s customers continue to watch their spending. “Our customers, particularly in the United States, are still concerned about their personal finances and unemployment, as well as higher fuel prices,” He said, adding: “Our commitment to reducing prices and managing expenses positions us well across the retail landscape.”

Walmart International, on the other hand, remained the company’s fastest growing segment, with net sales up 21.4 percent, to $25 billion, driven by strong sales in Mexico, Brazil, Canada and China. This included a $2.5 billion positive impact from currency exchange fluctuations. The company plans to continue to grow worldwide during the upcoming second and third quarters.

Wal-Mart Stores, Inc. encompasses more than 8,400 retail units under 55 banners in 15 countries. Fiscal year 2010 sales were $405 billion.

more Financial and General Interest News >>

Published 05-19-2010 by Amanda Torres Price

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