Wal-Mart Stores June net sales up 11.5 percent

BENTONVILLE, Ark. Wal-Mart Stores reported that total company net sales for the fiscal month of June grew 11.5 percent to $39.9 billion from $35.8 billion for the same period last year.

The company reported total U.S. comparable-store sales growth of 5.8 percent (excluding fuel) for June, last year's June comps (excluding fuel) rose 2.4 percent.

For its U.S. division, Wal-Mart reported strong sales growth in entertainment, swimwear and sportswear. Sales at Sam's Club were strong in fresh foods, dry grocery and consumables, and soft in house wares and jewelry.

International sales for June were strongest in the United Kingdom, Brazil and China, the company reported.

"Our estimate for U.S. comparable-store sales, excluding fuel, for the July four-week period is between two and four percent," said Tom Schoewe, evp and cfo. "The Wal-Mart U.S. underlying business remains strong. However, consumers and small business owners remain concerned about the economy, inflation and most of all, higher gas prices. With the last large mailing of economic stimulus checks due this Friday [July 11], it is difficult to forecast the benefit from the economic stimulus through the remainder of the year.

"Because of our improved sales results during the quarter, we have updated our guidance estimate for earnings per share for the second quarter of fiscal year 2009 to a range of 82 cents to 84 cents," Schoewe said.