Top > Business > 2005 > October > 2005-10-10

Wal-Mart had good September

Despite controversy over employment practices in the U.S. and manufacturing policies in southeast Asia, as well as the effects of storm damage in the south, Wal-Mart reported its September earnings Thursday in the aftermath of Hurricane`s Katrina and Rita as well as Ophelia in the North and South Carolina regions, and the news was positive for the discount retail giant.

"During the current quarter, many of our customers, associates and communities were deeply affected by hurricanes Katrina and Rita," says Tom Schoewe, Executive Vice President and Chief Financial Officer for one of Wal-Mart`s major subsidiaries, Sam`s Club. Despite the financial impact of the hurricanes, Wal-Mart`s earnings per share guidance remains at $0.55 to $0.59 for the third fiscal quarter.

Sam`s Club`s (which is owned by Wal-Mart) comparable sales, without gasoline sales, would have been 6.3% for the September 5-week period. During the 5-week and 35-week periods, Wal-Mart Stores, Inc. added over $2.5 billion and $18.4 billion in sales, respectively.