Wal-Mart Stores Inc reported record sales and earnings for the first quarter ended April 30, 2006. Net sales were $79.613 billion, an increase of 12.3 percent over the first quarter of fiscal 2006.
Net income for the quarter was $2.615 billion, an increase of 6.3 percent from $2.461 billion in the first quarter of fiscal 2006.
Earnings per share were $0.63, up from $0.58 per share in the same prior year quarter. Earnings in the prior year quarter ended April 30, 2005, were favorably impacted by two items totaling $145 million after tax or $0.03 per share: an increase due to favorable tax resolutions of $77 million and positive legal developments of $68 million after-tax.
"We are very pleased with our start to this fiscal year. We continued to have record sales and earnings and our inventory performance was the best we have seen in many quarters," said Lee Scott, Wal-Mart Stores Inc president and Chief Executive Officer.
"The success of this quarter was the result of our focus on three goals: driving sales, reducing costs and improving inventory management."
Total US comparable store sales for the first quarter of fiscal 2007 increased 3.8 percent, which is represented by a 3.8 percent increase for Wal-Mart Stores and a 4.3 percent increase for SAM'S CLUB.
The 22.9 percent increase in the International segment's net sales includes the impact of three acquisitions that occurred since the first quarter of fiscal 2006.
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