Q3 EPS of $0.84 Exceeds First Call Consensus of $0.81
- Income from Continuing Operations Increases 7 Percent
- Raises Range of Full-Year EPS Guidance to $3.57 to $3.61
BENTONVILLE, Ark., Nov. 12 /PRNewswire-FirstCall/ -- Wal-Mart Stores, Inc. (NYSE: WMT) today reported diluted earnings per share from continuing operations for the third quarter of fiscal year 2010 of $0.84, exceeding the company's guidance of $0.78 to $0.82. Walmart earned $0.77 per share from continuing operations in the third quarter last year.

Net sales for the third quarter were $98.667 billion, an increase of 1.1 percent from $97.619 billion in the third quarter last year. On a constant currency basis (which assumes currency exchange rates remained the same as the prior year), net sales for the third quarter would have been $2.617 billion higher, increasing 3.8 percent to approximately $101.284 billion. Income from continuing operations increased to $3.246 billion from $3.033 billion in the same period last year, on a reported basis.

"Walmart's record third quarter earnings of 84 cents per share exceeded our guidance and were well above First Call consensus," said Mike Duke, Walmart president and chief executive officer. "Increased productivity and improved inventory management led to a better customer experience and contributed to our strong financial performance.

"The sales environment continued to be difficult this quarter, but customer traffic is up throughout the company. We gained market share, especially in the United States, the United Kingdom and Mexico, as customers around the globe continued to count on Walmart for quality and low prices," Duke said. "During the recession of the last two years, we delivered year-over-year sales and EPS growth on a constant currency basis.

"We are encouraged by both our traffic and market share gains across the company," he added. "Few companies have the momentum or opportunity that Walmart has around the world."

The company continues to generate strong free cash flow - nearly $3.6 billion through the first three quarters of fiscal year 2010. A reconciliation of free cash flow (a non-GAAP measure) to net cash provided by operating activities is included at the end of this release.