Discounters’ profits strong despite slowdown

Tuesday, Nov. 13, 2001 | 9:44 a.m.

Wal-Mart Stores Inc., the world's largest retailer, and the Home Depot, the nation's largest home improvement retailer, each reported higher profits for the third quarter today, meeting Wall Street's expectations.

The profit increases come as consumers, wary of the slowing economy, turn to discounters and avoid high-end retailers.

Bentonville, Ark.-based Wal-Mart earned $1.48 billion, or 33 cents a share, for the three months ended Oct. 31 compared to $1.37 billion, or 31 cents per share, in the year-ago period. Quarterly sales climbed 15.5 percent to $52.7 billion from $45.7 billion a year ago.

Home Depot, based in Atlanta, earned $778 million, or 33 cents per share, in the quarter ended Oct. 28 compared with $650 million, or 28 cents per share, in the same period last year. Quarterly sales rose 15 percent to $13.28 billion.

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