• August 13, 2009

Wal-Mart Stores says its second-quarter earnings came in at $3.44 billion -- at the high end of its forecast, compared with $3.45 billion in the same period last year. But sales fell 1.4% to $100.01 billion, a decrease of 1.4% from $101.55 billion in the second quarter last year.

On a comparable-store basis, sales fell 1.5% for the U.S. Walmart stores in the quarter, excluding fuel sales, while Sam's Club U.S. sales gained 0.6%.

While the negative impact of currency exchange rates was a significant factor (and sales at U.S. Walmart stores actually gained 0.3%, overall) the Bentonville, Ark.-based retailer says the economy has created "a sales environment more difficult than we expected... "We are accelerating our focus on reducing our expenses." the company says in its release. "Customers around the world are forced to do more with less and they rely on Walmart to help them save money. The improvements in our stores are attracting new customers and keeping the loyalty of the millions who shop with us."--Sarah Mahoney