In this May 9, 2013 photo, a worker pushes shopping carts in front of a Walmart store in La Habra, Calif. Wal-Mart Stores Inc. is expected to report quarterly results on Thursday, May 16, 2013. (AP Photo/Jae C. Hong)
In this May 9, 2013 photo, a worker pushes shopping carts in front of a Walmart store in La Habra, Calif. Wal-Mart Stores Inc. is expected to report quarterly results on Thursday, May 16, 2013. (AP Photo/Jae C. Hong)
NEW YORK (AP) ? Wal-Mart Stores Inc.'s first quarter profit rose 1.1 percent as the world's largest retailer struggled with a sales slump in its namesake business.
The company, based in Bentonville, Ark., blamed a payroll tax increase, delayed tax refunds and bad weather for the profit and sales results that missed Wall Street expectations.
The company also offered a profit outlook that came below analysts' projections. Wal-Mart's stock fell $1.76, or 2.2 percent, to $78.10 in premarket trading.
Wal-Mart said Thursday that it earned $3.78 billion, or $1.14 per share in the quarter ended April 30. That compared with $3.74 billion, or $1.09 per share, a year earlier.
Sales rose 1 percent to $113.43 billion. That figure excludes Sam's Club membership fees.
The results fell short of Wall Street expectations for earnings of $1.15 per share on revenue of $115.78 billion.
Wal-Mart reported a 1.4 percent drop in revenue at stores open at least a year at its namesake business, its first drop in a year and a half. At Sam's Club, the figure rose a slim 0.2 percent, held down by less traffic from business customers, bad weather and lower-than-expected inflation.
Revenue at stores open at least a year is considered a key measurement for retailers because it excludes the effect of stores that open or close during the year.
Associated PressDorothy Hamill hard boiled eggs Red Equal Sign maundy thursday Mexico vs USA Harmony Korine Battlefield 4
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.