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International sales drive Wal-Mart growth

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Date: Tuesday 13 May 2008

LONDON (ShareCast) - Wal-Mart, the world’s largest retailer, surpassed analysts’ forecasts with its first quarter earnings, but sounded a note of caution on its prospects for the second quarter.

Net income in the three months to 30 April climbed to $3.02bn from $2.83bn a year earlier. Earnings per share rose to 76 cents from 68 cents and were a shade higher than the 75 cents per share forecast by analysts.

Total revenue rose 10% to $95.3bn, with sales outside the USA growing considerably faster. Non-US sales revenue rose 22%, while sales in the US grew 6.6% at Wal-Mart branded stores and by 7.6% at the group’s Sam’s Club outlets.

Gross margin rose to 23.6% from 23.5%.

The retail giant, which owns AsDa in the UK, indicated that earnings per share (EPS) in the second quarter are expected to fall within the range of 78 to 81 cents. The median estimate among analysts covering the stock is for EPS of 81 cents.

Excluding fuel, like-for-like sales at Wal-Mart stores rose 2.7% while Sam’s Club stores saw a 3.6% rise. Overall, like-for-like sales were up 2.9%/

Like-for-like sales are expected to show between 0% and 2% growth in the second quarter.

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