Bentonville, Ark. Wal-Mart Stores reported Tuesday that its net income for the first quarter was $3.02 billion, an increase of 6.9% from $2.8 billion in the first quarter of fiscal year 2008. Net sales for the first quarter were approximately $94.1 billion, an increase of 10.2% over $85.4 billion for the first quarter of fiscal year 2008.
“We’re off to a solid start, with record first quarter sales and earnings,” Lee Scott, Wal-Mart’s president and CEO said in a company statement. “Our business is even more relevant to our customers today, given the current economic pressures.”
Looking ahead to the second quarter of fiscal year 2009, “We estimate Wal-Mart’s comparable-store sales increase in the United States to be between flat and 2%. As we have discussed, it is currently difficult to quantify the impact on U.S. sales from the stimulus payments,” said Tom Schoewe, Wal-Mart’s VP and CFO said in a statement.
“Also, last year’s second-quarter results included a net benefit of approximately $0.04 per share from the impact of a reduction of general liability and workers’ compensation claims accruals, gains from the sale of certain real estate properties somewhat offset by charges for legal and other contingencies,” he said.