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August 14, 2009

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Wal-Mart Q2 net virtually unchanged

WAL-MART Stores Inc yesterday reported second-quarter net profit virtually unchanged from a year ago, but results beat Wall Street expectations.

The world's largest retailer also raised the low end of its profit outlook as it benefits from a series of cost-cutting moves and draws frugal shoppers away from rivals.

Wal-Mart earned US$3.44 billion, or 88 cents per share, in the quarter ended July 31. That compares with US$3.45 billion, or 87 cents per share, in the year-ago period. Revenue fell 1.4 percent to US$100.08 billion.

Analysts surveyed by Thomson Reuters saw earnings per share of 85 cents on revenue of US$102.9 billion.

But same-store sales, or sales at stores opened at least a year, fell 1.2 percent during the period. That figure gave the first glimpse of its key sales showing to analysts.


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