U.S. retail giant also raises its earnings guidance
NEW YORK — Wal-Mart Stores Inc. reported a 3.6 percent increase in second-quarter net income and raised its earnings guidance for the full year as it benefits from cost-cutting and robust global growth in China, Brazil and Mexico.
But a closely watched measure of revenue at its namesake U.S. stores fell more than expected as its main customers have felt the biggest impact of the economy's woes.
The discounter said Tuesday it had net income of $3.59 billion, or 97 cents per share, for the period ended July 31. That compares with $3.47 billion, or 89 cents per share, a year ago.
Revenue rose almost 3 percent to $103.7 billion. Revenue at stores open at least a year fell 1.4 percent, worse than the 0.26 percent expected by Thomson Reuters. At Wal-Mart's namesake stores, that measure fell 1.8 percent while at Sam's Clubs, the measure was up 1 percent. The 1.4 percent decline in revenue at stores open at least a year marked the fifth straight quarterly drop.
Analysts had expected earnings per share of 96 cents on revenue of $105.3 billion.
GO HERE to read more.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Robust economic growth in China, Mexico, and Brazil. That is because all the American jobs have gone to those countries thanks to free trade agreements. Ross Perot was right about that giant sucking sound of jobs being sucked out of the United States.
ReplyDeleteI wonder how Wal-Mart employees will be rewarded for their hard work
ReplyDelete9:58 I believe that was the start of this depression.
ReplyDeleteWalMart costs America jobs.
ReplyDeleteWal-Mart has had declining same store sales for 5 straight quarters. Nothing to be pleased about from a business standpoint.
ReplyDeletewalmart still rocks! cheapest place in town!
ReplyDeleteWhile conservatives b!tch and moan over gay marriage and mosque, the Chinese are taking formerly good paying US jobs, taking our money via mass supply vendors like walmart, then taking even more by buying our debt. Where is the conservative call to Buy American?!
ReplyDelete