Wal-Mart Q2 net virtually unchanged
Source: Agencies |
August 14, 2009, Friday
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Print Edition
Print Edition
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.
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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