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Expense Leverage Lifts Wal-Mart Q2, But Same-Store Gains Slow

Wal-Mart Stores reported its net sales for the second quarter of fiscal 2013 were $113.5 billion, an increase of 4.5% from $108.6 billion in the second quarter last year. Net sales for this quarter included a negative currency exchange rate impact of approximately $2.2 billion.

Income from continuing operations attributable to Walmart for the quarter was $4.0 billion, up 5.7% from the second quarter last year. Consolidated operating income was $6.7 billion, up 4.9% last year. Operating income grew faster than sales.

The company said it leveraged operating expenses for the second quarter, reducing costs, improving productivity and investing in lower prices.

Walmart U.S. same-store sales rose 2.2% in the 13-week period ended July 27, the division’s fourth straight quarter of same-store growth but slower than the 2.6% gain in the first quarter. Sam’s Club comp-store sales, without fuel, increased 4.2% for the same 13-week period. Walmart International grew net sales 6.4%.