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Wal-Mart's net profit in Q1 misses expectations
Aggregated Source: Shanghai Daily: Business

WAL-MART Stores Inc's quarterly profit just missed Wall Street expectations yesterday, with sales down 1.4 percent at its Walmart US stores open at least a year.

The world's largest retailer said US sales suffered from a delay in income tax refund checks, cool weather, less grocery inflation than expected, and the payroll tax increase.

Wal-Mart earned US$3.78 billion, or US$1.14 per share, in the first quarter ended on April 30, up from US$3.74 billion, or US$1.09 per share, a year earlier.

The analysts' average forecast was US$1.15 per share, according to Thomson Reuters I/B/E/S. In February, Wal-Mart had forecast a profit of US$1.11 to US$1.16 per share.

First-quarter revenue rose 1 percent to US$114.19 billion.

Same-store sales at Walmart US fell 1.4 percent, while the company had earlier expected such sales to be about flat. Visits to Walmart US stores open at least a year fell 1.8 percent, while the average amount spent per visit rose 0.4 percent.

Wal-Mart forecast earnings of US$1.22 to US$1.27 per share for the current second quarter, up from US$1.18 a year earlier.

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Copyright Shanghai Daily: Business