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Business

Wal-Mart Q2 profits flat, but better than expected

Text by NEWS WIRES

Latest update : 2009-08-13

US giant Wal-Mart posted higher-than-expected earnings of 3.44 billion dollars in the second quarter. The world's largest retailer plans to create 22,000 jobs in its US stores in 2009.

AFP - World's largest retailer Wal-Mart reported higher than expected 3.44 billion dollar second quarter earnings on Thursday, steady compared to the same period last year.

The Bentonville, Arkansas-based Wal-Mart Stores, Inc. reported earnings of 3.449 billion in the same period in 2008, the company said in a statement.

For the second quarter of fiscal year 2010 ending in July the company reported earnings per share of 0.88 dollars, on the high side of the company's guidance of 0.83 to 0.88.

The retail giant reported profits of 86 cents per share from continuing operations in the second quarter last year.

Net sales second quarter sales were 100.082 billion dollars, down 1.4 percent from 101.546 billion dollars in the same period last year.

"Our earnings exceeded consensus estimates and were at the top of our guidance," said Walmart president and CEO Mike Duke.

"In a sales environment more difficult than we expected, we managed our operations in a disciplined manner," said Duke, adding that the company is "pleased with the performance of our operations around the world."

Date created : 2009-08-13

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