USA: Wal-Mart Q4 Profit Soars 16% On Strong Sales
The Arkansas-based operator of more than 4,500 stores reported earnings of $2.53 billion, or 57 cents per share, for the three months to January 31, compared to $2.19bn, or 49 cents per share, in the year prior.
Sales at the world's largest retailer, which averaged sales of $670m per day last year, climbed 10.7 per cent to $71.07bn from $64.2bn.
Same-store sales climbed 2.7 per cent with like-for-like sales at Wal-Mart outlets, Supercentres and Neighborhood Markets up 3.3 per cent but down 0.3 per cent at the Sam's Club wholesale division.
Wal-Mart said it was pleased with the performance of its international division which it attributed to strong sales in the UK, Canada and Mexico, adding that currency benefits added only $1m to international quarterly operating profit of $757m.
The retailer added for full-year 2002, it earned $8.04bn, or $1.81 per share, versus $6.67bn, or $1.49 a share, in 2001. Sales rose 12.3 per cent to $244.5bn from $217.8bn with same-store sales up 5.1 per cent.
For the year ahead, it sees earnings per share in the range of $2.00 to $2.05, including the costs of expensing stock options and other one-time items. For the first quarter, it sees 40 cents to 42 cents per share, including the one-time items.
President and CEO, Lee Scott, said: "In a challenging retail environment with slowing comparable sales growth, we achieved another year of record sales and earnings.
"Net income exceeded $8bn for the year for the first time and sales grew by almost $27bn."
For the past 20 years Wal-Mart has redefined the way most retailers and manufacturers across channels and categories have done business. Every apparel company has been affected thanks to the retail gi...
Textiles and clothing make up Thailand's largest manufacturing industry, with more than 4,500 factories employing over one million people. The sector accounts for approximately 20 per cent of total em...
Retail giant Wal-Mart has missed expectations with a disappointing set of first-quarter results....
Intimate apparel manufacturer Sara Lee Branded Apparel has introduced an integrated mix of retail and supply chain software at its Lovable division in Italy to enhance the smooth running of its new re...
Value retail chain Matalan Plc has confirmed that it will sell its Lee Cooper brand to private equity firm Emerisque Capital for £30 million, and has reported a 31 per cent hike in full-year underlyin...
Manufacturing giant Sara Lee Corp's branded apparel unit plans to axe 350 jobs from the division that makes Champion sportswear and intimate apparel under the Bali, Playtex, L'eggs and Wonderbra brand...
US retail group Sara Lee Corporation has named Frank van Oers as a vice president of the corporation, with immediate effect....
Large-scale manufacturer Sara Lee has posted a 50 per cent plummet in third-quarter profit, affected by sluggish clothing sales and high commodity costs....
- Why do modern robotics elude sportswear makers?
- Traditional financing is a misfit for fast fashion
- Trump trade policy – Who knows what he'll do?
- Planning is key to an effective inventory strategy
- Bagir CEO says suit-maker is back on track
- US Q3 in brief - G-III Apparel, Express
- Bagir exports first trousers for H&M from Ethiopia
- Film documents Cambodia garment workers' stories
- Esquel efficiency drive continues to boost brands
- Pakistan suspends India cotton imports
- Outdoor performance apparel 2016: A broader perspective
- Global market review of lingerie – forecasts to 2022
- Global apparel markets: product developments and innovations, October 2016
- Footwear Top 5 Emerging Markets Industry Guide_2016
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack