Wal-Mart Stores, Inc. have reported sales and earnings for the quarter ended October 31, 2006.
Net sales for the third quarter were $83.543 billion, up 12 percent over the third quarter of 2006. Income from continuing operations for the quarter was $2.594 billion, an increase of just over 7 percent from $2.422 billion in the third quarter of 2006. Earnings per share from continuing operations were $0.62, up from $0.58 per share in the same prior year quarter.
“We are pleased that Wal-Mart again had record sales and earnings for the third quarter,” said Lee Scott, Wal-Mart Stores, Inc. president and CEO. “In addition, we are pleased that we’ve seen improvements in gross margin in all three segments of our business.
“Although sales in the U.S. were softer than we hoped for in the third quarter, there are real opportunities in the fourth quarter to build on the momentum of the aggressive pricing strategy we have implemented in our stores for the holiday season,” Scott added.
Earnings per share for the current quarter included a favorable after tax impact of $56 million, or approximately $0.01 per share, for property insurance-related gains reported as reductions in operating expenses.
Net sales for the nine months ended October 31, 2006, were $246.902 billion, an increase of 12 percent over the first nine months of fiscal 2006. Income from continuing operations for the nine months ended October 31, 2006, increased 5.8 percent to $8.239 billion, up from $7.787 billion in the same prior year period. Diluted earnings per share from continuing operations for the nine months ended October 31, 2006, were $1.97, up from $1.86 in the same prior year period.