Wal-Mart Has Record Sales

BENTONVILLE, AR-Wal-Mart overcame hurricanes and high fuel costs to post record sales and earnings during its third quarter, which ended Oct. 31. Executives say they expect the momentum to continue with a strong fourth quarter and holiday season.

Net sales were $75.4 billion, rising 10.1% from last year’s third quarter, while year-over-year same-store sales rose 3.8%. Wal-Mart stores’ comparable sales were up 2.9%, and Sam’s Club warehouse stores shot up 8.1%. Net income jumped 3.8%, to $2.4 billion, with earnings per share coming in at 57 cents.

Wal-Mart was also bolstered by strong international sales, which increased 14.2%, to $797 million. Mexico, China, Argentina and Brazil were among the strongest-performing countries, executives say. The largest retailer in the world was able post those numbers even as the hurricanes, high gas prices and other factors chipped its earnings by 2 cents per share.