Wal-Mart Earnings Up 6.5% in 1Q
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.
Kanter to leave Michaels end of May
IRVING, Texas Michaels Stores has announced that Harvey Kanter, evp and managing director, has decided to leave the company effective May 25 to pursue a top leadership role at another company.
Brian Cornell, ceo, said, “Harvey has made significant contributions to Michaels by assisting in our transformation to a consumer-driven organization and we appreciate his service. He has developed a strong team and we are confident they will ensure a smooth transition.”
Until Kanter’s replacement is named, the merchandising organization will report to Brian Cornell.
Fresh & Easy boosts own-brand foods
EL SEGUNDO, Calif. Fresh & Easy Neighborhood Market confirmed reports that it will be adding new products to its stores announcing a new selection of fresh&easy own-brand foods to cater to increasing demand.
Following a great customer response and encouraging sales of fresh&easy own-brand food, the company is expanding the range with 250 additional products. Some of the new products include fresh prepared ready meals, new juices and brewed teas, soy and goat yogurt, and a range of ready-to-grill meats. .