1:30 PM New York – Wal-Mart reported sales rise of 10% and earnings gain of 7%.

Wal-Mart Stores, Inc. reported net sales for the first quarter 2008 increased 10.2% to $94.12 billion from $85.4 billion for the first quarter of fiscal year 2007. First quarter net income increased 6.9% to $3.02 billion or $0.76 per diluted share compared to $2.83 billion or $0.68 per diluted share in the same quarter of 2007.

Operating income for the first quarter was $5.31 billion compared to $4.85 for the same quarter of prior year.

First quarter Sales for the Wal-Mart Stores was increased 6.6% $59.07 billion compared to $55.44 billion for the year-ago quarter. Sales for the Sam’s Club climbed 7.6% to $11.11 billion versus $10.32 billion for the quarter of 2007.

International sales increased 22% to $23.94 billion compared with $19.63 billion for the same quarter of prior year.

Comparable Store Sales

Without fuel same store sales for Wal-Mart increased 2.7% from a decline of 0.1% in the first quarter of 2007. Comparable same store sales rise for Sam’s Club sales declined to 3.6% from 4.7% a year ago. Sales for all U.S. locations rose 2.9% compared to a rise of 0.6% for the same quarter of last year.

Sales of including fuel sales rose 6.5% compared to 4.1% a year ago and total sales including fuel sales rose 3.3% compared to 0.6% rise a year ago.

Wal-Mart Stores, Inc. (WMT: chart) pre market trading, Shares was declined 82 cents to $57.20.