BENTONVILLE, Ark. — Walmart here said Tuesday international operations continued to drive growth as corporate net earnings and sales increased but overall comparable sales dropped for the second quarter and 26 weeks ended July 30.
Net income climbed 3.6% to $3.6 billion for the quarter and 6.6% to $6.9 billion for the half, while sales rose 2.8% to $103 billion for the quarter and 4.4% to $202.1 billion for the half.
Overall comps, excluding fuel, dropped 1.4% for the quarter, with comps at Walmart U.S. down 1.8% and comps at Sam's Club up 1%; for the half comps, excluding fuel, were down 1.2%, with Walmart U.S. comps down 1.6% and Sam's Club comps up 0.8%. The company said Walmart International, which added approximately 3 million square feet of retail space during the quarter — 60% of the company's total space increase — saw net sales grow 11%, with strong contributions from Mexico, Brazil and China.
Walmart boosted its full-year earnings guidance to a range of $3.95 to $4.05 per share from the previous range of $3.90 to $4 "due to the strength of our underlying operating performance, despite the challenges facing Walmart U.S. in the short term, and the current economy," Tom Schoewe, executive vice president and chief financial officer, said.