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Economy

xchrom

(108,903 posts)

5. WAL-MART'S 1Q PROFIT, SALES DISAPPOINT

Reply to Tansy_Gold (Original post)

Thu May 16, 2013, 07:44 AM

May 2013

http://hosted.ap.org/dynamic/stories/U/US_EARNS_WAL_MART?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-05-16-07-32-58

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.

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STOCK MARKET WATCH -- Thursday, 16 May 2013 [View all] Tansy_Gold May 2013 OP

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