Arab Today, arab today walmart earnings edge higher amid headwinds
Last Updated : GMT 16:24:37
Arab Today, arab today
Arab Today, arab today

Walmart earnings edge higher amid headwinds

Arab Today, arab today

Arab Today, arab today Walmart earnings edge higher amid headwinds

New York - AFP

US retail giant Walmart reported Thursday that its first quarter earnings edged higher to $3.8 billion 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 $3.7 billion. 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 $65-70 million.

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