Wal-Mart quarterly profit advances 13.4% on holiday ads
21 Feb '06
3 min read
Wal-Mart Stores Inc, the world's largest retailer, has reported record sales and earnings for the quarter ended January 31st 2006.
The net sales were $89.3 billion, an increase of 8.6 percent over the fourth quarter of fiscal 2005 and net income for the quarter was $3.6 billion, an increase of 13.4 percent from $3.2 billion in the fourth quarter of fiscal 2005.
Fourth quarter earnings in fiscal 2006 were favorably impacted by a $103 million net tax benefit recorded in the company's tax provision.
The net sales for the fiscal year ended January 31st 2006, were $312.4 billion, an increase of 9.5 percent over fiscal 2005. Net income for fiscal 2006 increased 9.4 percent to a record $11.2 billion, up from $10.3 billion in fiscal 2005.
Wal-Mart Stores President and Chief Executive Officer Lee Scott said, "We're pleased our trend of year-over-year increases in sales and net income continues. We added more than $7 billion in sales in the quarter and ended the year strong."
Scott said he is optimistic about the year as he anticipates positive results from the company's business strategies to improve the customer experience.
Total US same-store sales for the fourth quarter of fiscal 2006 increased 3.1 percent, which is represented by a 2.7 percent increase for Wal-Mart Stores and a 5.1 percent increase for SAM'S CLUB. Total US same-store sales for fiscal 2006 were up 3.4 percent, which is comprised of a 3.0 percent increase forWal-Mart Stores and a 5.0 percent increase for SAM'S CLUB.
marketing@alchempro.com
