Wal-Mart's revenue up
Wal-Mart Stores, Inc. reported, on Nov. 15, third-quarter revenue of $110.2 billion, an 8.1% increase compared with the previous year.
The retailer's net sales for the period totaled $109.5 billion, up 8.2% year-over-year. Net sales for Wal-Mart's U.S. stores ticked up by 2.7% year-over-year to $63.8 billion, and Sam's Club net sales rose by 9.5% to $13.3 billion.
Revenue from membership and other income fell 0.4% to $710 million.
"Every business segment is stronger today than it was a year ago, and we delivered solid earnings growth for our shareholders in the third quarter,” Mike Duke, Wal-Mart Stores, Inc. president and CEO, said in an earnings statement. “Both Wal-mart U.S. and Sam's Club exceeded comp sales guidance, and I'm pleased that the sales momentum positions us exceedingly well for the holidays."
Total U.S. comparable store sales excluding fuel for the 13 weeks ending Oct. 28 rose by 1.9%, with domestic Walmart stores up 1.3% and Sam's Club stores up 5.7%.
Sam's Club president and CEO Brian Cornell said in an earnings statement that the third quarter marks the retailer's “seventh quarter of sequentially increasing comps.”
Sam's Club will launch an iPad app in the next few weeks that will allow consumers to shop within the app. Wal-Mart rolled out its own iPad app earlier this month that features e-commerce functionality.