Retail
Wal-Mart Slips as Outlook Disappoints
05/13/08 - 04:35 PM EDT
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Wal-Mart's WMT first-quarter earnings edged past Wall Street's estimates, but shares of the world's biggest retailer declined after its forecast for the current quarter left the door open for a possible slight shortfall. For the first quarter ended April 30, Wal-Mart earned $3.02 billion, or 76 cents a share, up from last year's $2.83 billion and 68 cents a share. Analysts were looking for 75 cents in the latest quarter. Sales rose 10.2% year over year to $94.1 billion. U.S. comparable-store sales were up 2.9% for the quarter, excluding fuel sales. With fuel sales, comps climbed 3.3%. As for the second quarter, Wal-Mart is predicting earnings of 78 cents to 81 cents, whereas the consensus estimate is 81 cents. Same-store sales will probably be flat to up 2%.
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