Wal-Mart Stores Inc. (NYSE: WMT) seems to be holding steady financially during the recession. The Company posted net income from continuing operations for the six month period ending July 31 of $6.703 billion, up just 0.3% over the same period in 2008. The retail giant had total revenues for the six-month period of $195.15 billion, down 1% from the same period in 2008. The company’s net earnings per share of 88 cents beat analyst estimates by 2 cents per share. For the second fiscal quarter of 2009, Wal-Mart posted $100.08 billion in sales, down 1.4% from the same quarter in 2008. However, the company had a $4.199 billion deficit with currency exchange from its international operations.
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Sales at Wal-Mart stores in the U.S. totaled $125.45 billion in the six-month period ending July 31, up 2% over the same period in 2008. Sales at Sam’s Club stores for the six-month period in 2009 were $22.872 billion, down 2.4% from the same period in 2008.
“Our performance this quarter has been good, despite headwinds from price deflation, the effects of the recession and currency exchange rates,” Tom Schoewe, Wal-Mart executive vice president and chief financial officer, has stated. “We’re proud that Wal-Mart reported a year-over-year increase in earnings this quarter.
Wal-Mart Stores, Inc. serves customers and members more than 200 million times per week at more than 8,000 retail units under 55 different banners in 15 countries. With fiscal year 2009 sales of $401 billion, Wal-Mart employs more than 2.1 million associates worldwide. Wal-Mart was founded in 1962, with the opening of the first Wal-Mart discount store in Rogers, Ark. The company incorporated as Wal-Mart Stores, Inc. on Oct. 31, 1969. The company's shares began trading on OTC markets in 1970, and were listed on the New York Stock Exchange two years later.
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