Wal-Mart 3Q Profit Jumps 10%
Bentonville, Ark. Wal-Mart Stores Inc. reported a 10% increase in third-quarter profit Thursday.
Wal-Mart said its renewed focus on low prices was attracting cash-strapped shoppers and that it was pleased with the results of early holiday price promotions.
However, Wal-Mart said it expects its current fourth-quarter results to suffer because of currency fluctuations as a stronger U.S. dollar lowers the value of its international sales.
Wal-Mart said it earned $3.14 billion in the quarter ended Oct. 31, up from $2.86 billion a year earlier.
Net sales for the third quarter were $97.6 billion, up 7.5% from $90.8 billion a year earlier. Same-store sales rose 3%.
Wal-Mart is also scaling back its store growth and capital expenditures while focusing on remodeling existing locations and creating smaller outposts. The goal is to continue to increase its cash flow to invest in its business.
Wal-Mart partners with Army Reserve
BENTONVILLE, Ark. The U.S. Army Reserve and Wal-Mart have signed an agreement that allows both organizations to recruit, train and employ individuals interested in both serving the nation and pursuing a career in the retail industry.
The initiative provides Army Reserve Soldiers opportunities for employment with Wal-Mart after they successfully complete military occupational specialty training (MOS). The Army Reserve and Wal-Mart will work together to recruit, license and offer training reciprocity to qualified Soldier candidates. The agreement commits Wal-Mart to interviewing and considering all qualified, participating Soldiers for employment upon completion of MOS training.
“We are excited and honored to have U.S. Army Reserve Soldiers join our team,” said Lee Scott, president and ceo of Wal-Mart. “Our company has a longstanding commitment to providing employment opportunities in the community. We have also long recognized those who serve in the military, and it is a privilege to assist the troops and their Families with this new initiative.”