Wal-Mart on Tuesday reported solidly higher profit for its fiscal second quarter Tuesday as US sales rebounded.
Wal-Mart, the world's biggest retailer, said net income was $3.8 billion for the three months ending July 31, a rise of 5.7 per cent from the 2010 second quarter.
The earnings marked acceleration in profits from the 3.0 per cent rise in the first quarter for the discount retailer, and beat market expectations.
The company said earnings were $1.09 per share excluding special items, a penny higher than estimated by analysts.
'I'm encouraged by the sales improvement in
our Walmart US stores,' Wal-Mart chief executive Mike Duke said in a statement.
Duke said comp sales — sales in stores open
at least a year — increased every month in the quarter.
'This was the best quarterly performance since the third quarter of fiscal 2010,' Duke said.
Wal-Mart, which has been battling weakness in its domestic market
amid a struggling economy, is 'committed to deliver positive comp sales by widening the gap on price,' he said.
Source : New Age
