Wal-Mart Reports Record Sales and Earnings
BENTONVILLE, Ark., May 12 /PRNewswire/ -- Wal-Mart Stores, Inc. (NYSE: WMT;
PSE), reported record sales for the first quarter ended April 30, 1997, of
$25,409,000,000 an increase of 12% over the same prior year period. Earnings Per
Share increased 16% to $0.29 versus $0.25 for the previous year.
Net income for the fiscal quarter was $652,000,000, up from $571,000,000, as
reported in the same quarter in the prior year.
Sales for the period were as follows:
(Dollars in millions)
Quarter ended April 30, Percent
1997 1996 Increase
Wal-Mart $18,187 $16,229 12%
Sam's Club 4,642 4,449 4
McLane 1,266 1,097 15
International 1,314 997 32
Total Company $25,409 $22,772 12%
Wal-Mart Division:
For the first quarter the Wal-Mart division, including Supercenters, had
operating profit (profit before interest, unallocated corporate expenses, and
income taxes) of $1,255,000,000 versus $1,119,000,000 for the same period last
year, a 12% increase.
Sam's Division:
The Sam's division had operating profit for the quarter of $189,000,000, an
increase of 5% compared to $180,000,000 for the previous year.
International Division:
The International division had an operating profit of $6,000,000 for the
quarter, compared with an operating loss of $16,000,000 for the same period last
year.
David Glass, President and CEO said, "We are pleased to report another quarter
of record results with the Company's earnings per share growth exceeding our
double digit sales growth by 33%. Highlights include our international division
posting an operating profit in the traditionally difficult first quarter,
continued Supercenter growth, and our ongoing improvements in asset management
and cash flow. These factors, along with our $2 billion share repurchase
program, all contributed to our 16% EPS growth."
During the quarter, the Company:
-- Opened 2 discount stores.
-- Opened 18 Supercenters (including 17 discount store replacements).
-- Opened 3 international units - Mexico (3).
-- Opened 2 new Sam's Clubs.
As of April 30, 1997, the Company had 1,945 Wal-Mart stores, 362 Supercenters,
438 Sam's Clubs, 6 Argentina units, 5 Brazilian units, 136 Canadian Wal-Mart
stores, 2 China stores, 2 Indonesian Supercenters, 153 Mexican units, and 11
Puerto Rico units.
Wal-Mart (WMT) operates in all fifty (50) states, Argentina, Canada, and
Puerto Rico, and in Brazil, China, Indonesia, and Mexico under joint-venture or
franchise agreements. Wal-Mart employs over 675,000 Associates in the United
States and 50,000 internationally. Its securities are listed on the New York,
Pacific and Toronto stock exchanges.
WAL-MART STORES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In millions, except per share earnings)
Quarter Ended April 30,
% to % to
1997 Sales 1996 Sales
Sales $25,409 100.00 $22,772 100.00
Other income 275 1.08 235 1.03
Total revenue 25,684 101.08 23,007 101.03
Cost of sales 20,127 79.21 18,032 79.18
Operating, selling and
general and administrative
expenses 4,333 17.05 3,848 16.90
Interest costs:
Debt 134 .53 169 .74
Capital leases 55 .22 51 .22
Total costs and expenses 24,649 97.01 22,100 97.05
Income before income taxes 1,035 4.07 907 3.98
Provision for income taxes
(37.0% TY, 37.0% LY) 383 1.51 336 1.47
Net income $ 652 2.57 $ 571 2.51
Earnings per share $ .29 $ .25
Avg. number of common shares 2,276 2,293
* Certain reclassifications have been made to prior year amounts to conform
to current year presentation.
/CONTACT: Investor Relations, 501-273-8446; Jay Fitzsimmons, 501-273-6445;
Steve Hunter, 501-273-4148 or Media: Jay Allen, 501-273-4314, all of Wal-Mart
Stores/ |
