Wal-Mart creates 63,000 jobs; sales up 2.8 per cent

06 March 2009

In an unending daily scenario of job cuts and and huge quarterly loses among other retailer, the largets retailer in the world, Wal-Mart, has created 33,000 new jobs in the US, another 30,000 outside, exceeded its sales targets by 2.8 per cent and raised dividend payout to share holders.

US supermarket giant Wal-Mart's February same store sales, excluding fuel, increased by 2.8 per cent, while its Sam's Club sales jumped 5.9 per cent, allying fears of an extended slowdown  in the American consumer spending.

Same-store sales, or sales at stores open at least a year, are a key measure of retailer performance because they measure growth at existing stores rather than from newly opened ones.

Net sales companywide for the four weeks of February was $30.01 billion, up 2.8 per cent over the same period in 2008, as a strong performance from Wal-Mart US offset a 10.28-per cent decline in international revenues caused by currency movements. Net sales at Wal-Mart stores in the US during February were up an impressive 8.1 per cent.

February's results were driven by the grocery, entertainment and health and wellness segments.

''This shows the recession failed to dent demand for essential goods such as food and household products'', a company release said.