Wal-Mart: another solid performance.(Business Today)
Home Textiles Today, August, 2004 by Hogsett, Don
BENTONVILLE, ARK. -- Helped by strong sales and lean inventories, second quarter profits at Wal-Mart Stores Inc., the world's largest retailer, rose 8.5 percent, to $2.7 bi]lion from $2.4 billion last year. Skewing the year-over-year earnings comparison substantially, last year's bottom line included $161 million in profits from a discontinued operation --the McLane Company distribution subsidiary.
Pulling McLane out of the comparison, second quarter profits from continuing operations jumped an impressive 16.1 percent, to $2.7 billion from $2.1 billion. Helped by growth abroad and strength at Sam's Club, sales increased at a double-digit pace, rising 11.3 percent, to $69.7 billion from $62.6 billion. Same-store sales in the United States rose 4.1...
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