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Wal-Mart Still Looking Weak

TSC Staff

Wal-Mart (WMT Quote) matched first-quarter earnings targets but came up light on sales.

The Bentonville, Ark., retail giant made $2.83 billion, or 68 cents a share, for the quarter ended April 30, up from the year-ago $2.62 billion, or 63 cents a share. Sales rose 8% from a year ago to $85.39 billion.

Analysts surveyed by Thomson Financial were looking for a 68-cent profit on sales of $87.14 billion.

"While these are record sales and earnings, we feel there was an opportunity to have done better," said CEO Lee Scott. "Delivering on our mission -- saving people money so they can live better -- is more important than ever around the world. The worldwide organization is focused on improving sales and returns."

The company guided to second-quarter earnings for 75 to 79 cents a share, compared with the 79-cent Thomson estimate. Wal-Mart said it expects same-store sales to rise 1% to 2% from a year ago.