Arab Today, arab today us giant walmart reports improvement in q1 earnings
Last Updated : GMT 13:27:38
Arab Today, arab today
Arab Today, arab today

Executives cheer ‘considerable headwinds’

US giant Walmart reports improvement in Q1 earnings

Arab Today, arab today

Arab Today, arab today US giant Walmart reports improvement in Q1 earnings

Walmart registers solid gains
New York – Arabstoday

Walmart registers solid gains New York – Arabstoday US retail giant Walmart reported Thursday that its first quarter earnings edged higher to $3.8bn but said comparable sales at its US stores declined. Wal-Mart Stores Inc. said its net income was up 1.1 percent from the previous year\'s $3.7bn. Net income per share came in at $1.14, compared with analyst expectations of $1.15.
Walmart said its US comparable store sales declined 1.4 percent due to a delay in income tax refund checks, \"challenging\" weather, lower-than-expected grocery inflation and payroll tax increases.
\"In a quarter marked by considerable headwinds to top line sales, Walmart delivered solid earnings per share growth of 4.6 percent,\" Mike Duke, chief executive of Walmart, said in a statement.
Comparable store sales at Walmart\'s Sam\'s Club chain rose 0.2 percent in the quarter, excluding fuel sales.
Walmart said its second quarter earnings per share would be between $1.22 and $1.27 per share, below the $1.29 estimated by analysts.
Walmart said it expects expenses in the second quarter related to bribery investigations under the Foreign Corrupt Practices Act expected to range from $65-70m.

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