=Wal-Mart Says 35c/Shr 2Q Net View 'Still Attainable'
By Louise Lee
BENTONVILLE, Ark. (Dow Jones)--Wal-Mart Stores Inc. (WMT) considers analysts'
fiscal second-quarter earnings estimate of 35 cents a share as ''still
attainable,'' according to Senior Vice President of Finance Jay Fitzsimmons.
Fitzsimmons told Dow Jones the company is ''expecting better comparable store
sales for June.''
Yesterday Wal-Mart reported a May same-store sales increase of 3.6%.
The 35-cent-a-share projection for the quarter ending July 31 is based on a
same-store sales increase of 4% to 5% for the quarter. That projected rise
includes an increase ''in the low to mid single digits'' at the warehouse club
unit and an increase ''in the mid single digits'' at the discount store unit,
said Fitzsimmons.
In the year-ago second quarter, the company reported net income of $706
million, or 31 cents a share, on sales of $25.84 billion.
At the company's annual meeting, Chief Financial Officer John Menzer told
shareholders that Wal-Mart is ''still very much a growth company. Despite our
size, we have opportunities for growth.'' He added the average Wal-Mart customer
spends $384 a year at Wal-Mart.
In the company's international division, Wal-Mart plans to open 30 to 35
stores in 1997. ''In 1998 we'll do that again,...we might try some more markets,
'' said Bob L. Martin, executive vice president of the division.
Noting that the division turned a profit last year, Chief Operating Officer
Donald Soderquist added, ''We'll make considerably more this year'' in the
division.
Company officials throughout the meeting cited new marketing and merchandising
experiments, including a gift registry, gas retailing and on-line sales.
Soderquist told shareholders that, while Wal-Mart's fledgling on-line operation
is a tiny portion of overall sales, ''we'll be ready when people are
behaviorally ready to order on-line.''
(END) DOW JONES NEWS 06-06-97
3:21 PM |
