Arab Today, arab today walmart earnings dented by higher costs wages
Last Updated : GMT 05:49:56
Arab Today, arab today
Arab Today, arab today

Walmart earnings dented by higher costs, wages

Arab Today, arab today

Arab Today, arab today Walmart earnings dented by higher costs, wages

Walmart reports lower quarterly profits
New York - AFP

Retail giant Wal-Mart Stores reported lower quarterly profits Tuesday, citing the impact of higher costs, including the wage hike for US staff.

Earnings for the quarter ending April 30 were $3.3 billion, down seven percent from the year-ago period.

Sales were $114.83 billion, down a scant 0.1 percent the 2014 quarter.

Walmart posted higher revenues at namesake US stores, but sales dropped in both international Walmart and at its wholesale chain, Sam's Club.

Operating and administrative expenses rose 2.8 percent to $22.7 billion.

In addition to higher wages for US staff, Walmart has boosted spending on e-commerce investment.

"We had a solid first quarter," said chief executive Doug McMillon.

"We need to continue to get better at consistently running great stores, clubs and e-commerce everywhere we operate ... and we are."

Walmart in February said it would boost wages for 500,000 workers in the US to at least $9 per hour, $1.75 above the federal minimum wage.

The wage hike trimmed earnings in its just-finished first quarter of fiscal 2016 and will also pinch results in the second quarter.

Walmart's first-quarter earnings translated into $1.03 per share, a penny shy of analyst projections.

Walmart estimated second-quarter earnings of between $1.06 and $1.18 per share. Analysts estimate earnings at $1.17 per share.

Walmart shares fell 2.7 percent to $77.80 in pre-market trade.

 

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