BENTONVILLE, Ark. -- Wal-Mart Stores here said increased consumer spending and improved merchandise execution helped the company achieve a record in sales and earnings in all its divisions for the third quarter ended Oct. 31.
Net income rose 27.4% to $1.09 billion for the quarter and 28.2% to $2.9 billion for the nine months, the company said.
The company said its Wal-Mart Stores segment, including Supercenters, had operating profit (before interest, unallocated corporate expenses and taxes) of $1.6 billion, a 21.8% increase compared with the year-ago quarter. Operating profit for the nine months was $4.8 billion, an increase of 25% compared with the same period in 1997.
Its Sam's Club segment had an operating profit for the quarter of $172 million, a 24.6% increase compared with the previous year's third quarter. For the nine months, the Sam's Club operating profit was $471 million, an 18.3% increase compared with the same period last year.
Wal-Mart said its International segment recorded an operating profit of $109 million for the third quarter, a 109.6% increase over the $52 million operating profit for the third quarter in 1997. For the year-to-date, the company said the International segment's operating profit was $315 million, compared with $85 million for the nine-months that ended Oct. 31, 1997, a 270.5% increase.