Wal-Mart on Thursday reported increases in net sales and profits but a dip in sales at comparable stores in the U.S. during the second quarter.
Bentonville-based Wal-Mart, the world's largest retailer, said net sales were up 2.4 percent to $116.2 billion in the 13-week period ending July 31 compared with the same stretch in 2012.
Consolidated net income attributable to Wal-Mart totaled $4.1 billion, an increase of 1.3 percent from a year earlier. Earnings per share, meanwhile, were up 5.1 percent from $1.18 a year ago to $1.24 in the latest quarter.
U.S. comparable store sales fell 0.3 percent.
President and Chief Executive Officer Mike Duke said that decline was "below expectations" but that the earnings-per-share uptick was a "solid increase."
"I'm encouraged by our position to execute in the second half of the year, particularly with the steps we're taking to improve performance," he said in a statement. "There are areas of our business where we can do a better job, and we will. I'm confident in our associates' abilities to deliver for our customers with EDLP and for shareholders with improved expense savings."
EDLP refers to the company's "everyday low price" strategy.
A prerecorded call with comments from company officials on the second quarter earnings will be available after the earnings release is delivered to the U.S. Securities and Exchange Commission, Wal-Mart said.
It will be posted online at www.stock.walmart.com and also available by calling (877) 523-5612 and using passcode 9256278. Callers outside the U.S. and Canada can call (201) 689-8483 and use the same passcode.