WMT beats earnings estimates.
Fez
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Tuesday May 9, 8:08 am Eastern Time
Wal-Mart's profits beat estimates, sales up 24 pct
BENTONVILLE, Ark., May 9 (Reuters) - Wal-Mart Stores Inc. (NYSE:WMT - news), the world's largest retailer, on Tuesday reported a 24 percent jump in first-quarter sales, while earnings rose 2.64 percent, exceeding Wall Street expectations.
Wal-Mart reported net income of $1.33 billion in the quarter, ended April 30, up from $916 million in the year-earlier quarter. Per share earnings rose 50 percent, to 30 cents per diluted share from 20 cents last year.
A poll of Wall Street analysts by First Call/Thomson Financial pegged the retailing giant's first-quarter earnings at 29 cents a share.
Total sales were $42.98 billion, an increase of almost 24 percent over sales of $34.72 billion a year ago.
Last year's first-quarter earnings were reduced by a one-time non-cash charge of about 4 cents per share from an accounting change.
As of April 30, Wal-Mart had about 1,784 Wal-Mart discount stores, 753 Supercenters, and 465 Sam's Club warehouse stores in the United States. The company also has stores in Argentina, Brazil, Canada, China, Germany, Korea, Mexico and the United Kingdom. |
