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

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