Wal-Mart says holiday looks good
November 14, 2005,
BENTONVILLE, Ark. -- Home is among four key categories already driving holiday sales at Wal-Mart Stores, the company reported today during its third-quarter earnings call.
While holiday and fourth-quarter performance is already showing promise, Wal-Mart reported less encouraging results for the third quarter for Wal-Mart Stores.
Helped by a double-digit rise in sales and strong operating profits in its warehouse clubs and international units, third-quarter profits at Wal-Mart Stores Inc. edged up just 3.8 percent, to $2.4 billion from $2.3 billion, despite a $109 million after-tax hit from hurricane damage and expenses tied to warranty programs.
Overall sales improved 10.1 percent, to $75.4 billion from $68.5 billion during the same period a year ago. Meanwhile, overall same-store sales improved 3.8 percent, helped by a strong boost from warehouse clubs. Same-store sales at the no-frills Sam’s Club unit jumped up 8.1 percent, more than twice as high as the 2.9 percent increase at the core U.S. Wal-Mart business.