Wal-Mart offers disappointing outlook as it reports 21 pct drop in 4Q profit
NEW YORK, N.Y. – Wal-Mart Stores Inc. is offering a profit outlook below Wall Street expectations as economic pressures weigh on its low-income shoppers around the world.
The world’s largest retailer also saw its fourth-quarter profit drop 21 per cent.
Wal-Mart, based in Bentonville, Ark., said Thursday that it earned $4.43 billion, or $1.36 per share, in the quarter ended Jan. 31. That compares with $5.6 billion, or $1.67 per share, a year earlier.
Excluding charges related to closing stores in Brazil and China, Wal-Mart earned $1.60 per share.
Net revenue was up 1.4 per cent to $128.79 billion.
Analysts were expecting $1.59 per share on revenue of $129.9 billion, according to FactSet.
Revenue at stores open at least a year fell 0.4 per cent, the fourth consecutive quarterly decline.
News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.
Join the Conversation!
Want to share your thoughts, add context, or connect with others in your community? Create a free account to comment on stories, ask questions, and join meaningful discussions on our new site.
Leave a Reply
You must be logged in to post a comment.