US retail giant Wal-Mart has upped its first quarter earnings guidance on the back of strong sales for the month of March.
US comparable store sales during the five-week March period were driven by a good performance from its three largest units – grocery, health and wellness and entertainment – the company said.
“Customers continued to turn to Wal-Mart for price leadership throughout the store, and they continued to see a better shopping experience,” said Eduardo Castro-Wright, Wal-Mart Stores US president and chief executive officer. “In addition, we benefited from better integration of merchandising, operations and marketing.”
Internationally, Wal-Mart reported a strong performance from the UK, Canada, Brazil and China.
“We are pleased with the overall performance of our International markets,” said Mike Duke, vice chairman responsible for Wal-Mart International.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataWal-Mart said it expected April sales in the US to rise by 1-3%.
“We are raising our guidance for earnings per share from continuing operations for the first quarter of fiscal year 2009 to a range of $0.74 to $0.76. This is an increase from the previous earnings guidance of $0.70 to $0.74 per share from continuing operations,” said Tom Schoewe, executive vice president and chief financial officer.