Printer Friendly

WAL-MART STORES INC. REPORTS RECORD SALES AND INCOME FOR SECOND QUARTER AND SIX MONTHS TO JULY 31

 BENTONVILLE, Ark., Aug. 10 /PRNewswire/-- Wal-Mart Stores, Inc. (NYSE: WMT; PSE) today reported sales of $16,236,577,000 for the second quarter and $30,156,984,000 for the six months ended July 31, a 25 percent gain over the second quarter, and a 22 percent gain over the six month period a year earlier.
 Net income for the quarter increased 18 percent to $495,875,000 as compared with $420,448,000 for the same quarter in 1992. Fully diluted net income per share increased to 22 cents from 18 cents in the 1992 quarter. Net income for the six months increased 17 percent to $946,525,000, or 41 cents per share, as compared with $807,402,000, or 35 cents per share, for the corresponding six months of last year.
 The costing of inventories under the LIFO method had no effect for the quarter this year, compared with $15,120,000, or one cent per share, for the same quarter last year. For the six months, the costing of inventories under the LIFO method reduced net income $13,882,000, or one cent per share, compared with $28,665,000, or two cents per share, for the same period last year.
 David Glass, president and chief executive officer, commented: "In a year characterized by disinflation and consumer caution, we are pleased to report consistent same store sales for the first half of the year. Our associates' continual focus upon customer service and inventory management has kept us on track to achieve our sales and earnings objectives for the balance of the year."
 In the second quarter the company opened 21 new Wal-Mart stores and 33 Sam's Clubs (includes the 14 acquired PACE Clubs, of which two were closed) for a net addition of 9,033,230 square feet of retail floor space. Fifty-five new Wal-Mart stores, and 54 new Sam's Clubs along with expansions and relocations in both areas have added 17,541,289 square feet this year.
 At July 31, the company had 1,935 Wal-Mart stores (includes 56 Supercenter stores), and 310 Sam's Clubs, compared with 1,755 Wal-Mart stores (includes 12 Supercenter stores), and 233 Sam's Clubs a year ago.
 Wal-Mart (WMT) operates in a 48-state trade territory and its securities are listed on the New York and Pacific Stock exchanges.
 WAL-MART STORES, INC., AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited)
 (In thousands, except per share earnings)
 3 mos. ended July 31 6 mos. ended July 31
 1993 1992 1993 1992
 Sales $16,236,577 $13,028,445 $30,156,984 $24,677,875
 Other income 156,196 119,436 300,987 224,347
 Total revenue 16,392,773 13,147,881 30,457,971 24,902,222
 Cost of sales 12,962,824 10,416,519 23,979,569 19,672,845
 Operating, selling
 and general and
 administrative
 expenses 2,519,579 1,995,485 4,765,839 3,803,427
 Interest costs:
 Debt 76,696 30,979 131,112 64,245
 Capital leases 47,817 37,521 94,159 80,114
 Total costs
 and expenses 15,606,916 12,480,504 28,970,679 23,620,631
 Income before
 income taxes 785,857 667,377 1,487,292 1,281,591
 Provision for
 income taxes 289,982 246,929 540,767 474,189
 Net income $ 495,875 $ 420,448 $ 946,525 $ 807,402
 Earnings per share
 and common
 equivalent share $.22 $.18(a) $.41 $.35(a)
 Average number
 of common and
 common equivalent
 shares 2,300,191 2,298,696(a) 2,299,957 2,298,400(a)
 (a) -- Adjusted to reflect the two-for-one stock split on Feb. 25, 1993.
 -0- 8/10/93
 /CONTACT: Paul Carter, chief financial officer of Wal-Mart Stores, Inc., 501-273-4184/
 (WMT)


CO: Wal-Mart Stores, Inc. ST: Arkansas IN: REA SU: ERN

TG-BN -- AT001 -- 1022 08/10/93 08:09 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 10, 1993
Words:644
Previous Article:GENTRA INC. STATEMENT ISSUES STATEMENT REGARDING MANAGEMENT SHARE PURCHASE PLAN
Next Article:AMSOUTH SIGNS DEFINITIVE AGREEMENT TO ACQUIRE CITIZENS NATIONAL CORPORATION IN NAPLES, FLA.
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters