Wal-Mart Blames Bad Weather as Profit Falls 5%

(Photo: Robyn Beck, AFP/Getty Images)
(Photo: Robyn Beck, AFP/Getty Images)

Wal-Mart Stores, the nation’s largest retailer, said Thursday its first quarter profit fell 5% from a year ago as bad winter weather hampered stores sales.

Its total net income for the quarter ended on April 30 totaled $3.6 billion, compared $3.78 billion a year ago.

Diluted earnings per share totaled $1.10, falling 3.5% from a year-ago period and short of $1.14 estimated by analysts who were queried by Bloomberg.

Revenue rose 0.8% to $114.96 billion. Analysts estimated $116 billion.

“Like other retailers in the United States, the unseasonably cold and disruptive weather negatively impacted U.S. sales and drove operating expenses higher than expected,” said Wal-Mart CEO Doug McMillon, in a statement.

Shares of Wal-Mart fell 2.3% in pre-market trading Thursday to $76.90.

SOURCE: Roger Yu
USA TODAY

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s