In the third quarter, Wal-Mart posted profits of $3.34 billion equaling $0.97 per share. This has been Wal-Mart’s first profitable quarter in the last 2 years. According to Wal-Mart’s CEO, Michael Duke, the new sales momentum has positioned Wal-Mart very well for the upcoming holiday shopping system.
Bill Simon, the manger of Wal-Mart’s US Business segment, attributed the improved sales to three factors. “Our focus on expanded assortment, product innovation and local relevance has improved merchandise offerings throughout the store and customers have responded.” Many of Wal-Mart’s customers are in the low income brackets are very tight on money. Wal-Mart is helping them with price match programs.
According to Mike Duke, the CEO, “Every Business segment [of Wal-Mart] is stronger today than it was a year ago.” Today, the company has over 8,500 stores, under 55 brand names, located in 15 countries. It is the world’s 18th largest corporation and the world largest employer with more than 2 million employees.
Managers at Wal-Mart include: Ed Kolodzieski, Anshu Bhardwaj, Micaiah Wallace, Steven P. Whaley, Stephen F. Quinn, Wan Ling Martello