Wal-Mart reports 3Q earnings growth

BENTONVILLE, Ark. Wal-Mart Stores today reported that net sales for the third quarter ended Oct. 31 were approximately $90.9 billion, an increase of 8.8% over the third quarter of fiscal year 2007. The company reported that income from continuing operations for the quarter was $2.86 billion.

Wal-Mart reported that earnings per share from continuing operations were 70 cents, up from 62 cents per share in the same prior year quarter.

"Our results for the third quarter reflect the improved performance of our U.S. operations. Both Wal-Mart Stores U.S. and Sam's Club increased profits faster than sales. Wal-Mart International posted a solid quarter as well," said Lee Scott, Wal-Mart Stores president and ceo. "Our focus on managing inventory this quarter was very positive.

Wal-Mart reported that total U.S. comparable-store sales for the three months ended Oct. 31 increased 1.5% (excluding fuel), compared to 1.5% (excluding fuel) last year.

For the fourth quarter of fiscal year 2008, the company estimates the comparable-store sales increase in the United States to be between flat and 2%, according to Tom Schoewe, Wal-Mart Stores evp and cfo.

"We expect earnings per share from continuing operations for the fourth quarter to be between 99 cents and $1.03, resulting in the full year company forecast for earnings per share from continuing operations of $3.13 to $3.17," said Schoewe. "This guidance includes an anticipated restructuring charge for Seiyu of approximately $40 million after tax in the fourth quarter."