Walmart FY 11 First Quarter Earnings better than expected

Wal-Mart Stores, Inc. (NYSE: WMT) today reported record first quarter sales and earnings for the period ended April 30, 2010.

Net sales for the first quarter of fiscal year 2011 were $99.1 billion, an increase of 6.0 percent from $93.5 billion in the first quarter last year. Net sales for the first quarter included a currency exchange rate benefit of $2.5 billion.  Income from continuing operations attributable to Walmart for the quarter increased to $3.3 billion from $3.0 billion in the first quarter last year.

Diluted earnings per share from continuing operations attributable to Walmart ("EPS") for the first quarter of fiscal year 2011 were $0.88, with a benefit of approximately $0.02 from currency exchange rates. This compares to EPS of $0.77 in the first quarter last year.  

"Walmart kicked off the fiscal year with record first quarter net sales and earnings, and I'm pleased that earnings exceeded guidance,"said Mike Duke, Wal-Mart Stores, Inc. president and chief executive officer.  "Our teams around the world delivered on our commitment to the productivity loop.  We leveraged operating expenses for the second consecutive quarter and improved the profitability of our business.

"Our customers, particularly in the United States, are still concerned about their personal finances and unemployment, as well as higher fuel prices,"Duke added.  "Our commitment to reducing prices and managing expenses positions us well across the retail landscape." 

Walmart will continue to grow worldwide, with a significant number of store openings expected for the second and third quarters.