Wal-Mart Stores Inc.’s aggressive low-price strategy paid off in the fourth quarter and year-end period as the retail giant delivered strong gains on the top and bottom line.
For the quarter ended Jan. 31, net income rose 4 percent to $4.1 billion on a sales gain of 8.3 percent to $106.3 billion. Net income for the year gained 12.4 percent to $12.7 billion on sales that rose 8.6 percent to $374.5 billion.
“For the fourth quarter, we topped $100 billion in sales, the first time in history that any retailer has reached this milestone in a single quarter,” said Lee Scott, Wal-Mart Stores president and chief executive officer. “We had a very strong underlying operating performance, exceeding our expectations for the quarter. In addition to another year of record sales and earnings, we also delivered a record return to our shareholders this year through more than $11 billion in share repurchase and dividends.”
For more, see Wednesday’s issue of WWD.