WAL-MART CHIEF NOT HAPPY WITH RESULTS
Wal-Mart says net sales were up 8.8% for the quarter ending July 31, 2007, while income from operations was $3.11 billion, an increase of 4.1%. Comparable store sales for the quarter grew 1.2%, compared to 1.5% in the year ago period for Wal-Mart Stores. For Sam's, comps were up 6% versus a gain of 2.6% without fuel. With fuel, sales grew 6.5% compared to 3.6% for the period a year ago. For total U.S. operations, comps were up 2%, versus 1.7% without fuel.
Lee Scott, president and ceo, said he wasn’t satisfied with the results:
"Although some people will report that Wal-Mart has had record sales and earnings, our underlying operating performance this quarter is not what we expect of ourselves, and not what our shareholders expect of us.”
"Many customers around the world continue to be under economic pressure and they expect Wal-Mart to be their advocate," Scott said. "We will continue to be the undisputed price leader, from Asda in the United Kingdom, to every market in the United States."
Lee Scott, president and ceo, said he wasn’t satisfied with the results:
"Although some people will report that Wal-Mart has had record sales and earnings, our underlying operating performance this quarter is not what we expect of ourselves, and not what our shareholders expect of us.”
"Many customers around the world continue to be under economic pressure and they expect Wal-Mart to be their advocate," Scott said. "We will continue to be the undisputed price leader, from Asda in the United Kingdom, to every market in the United States."
posted at 2:36 PM
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