Tags
Wal-Mart Stores yesterday posted a slight profit rise for its fiscal second quarter, as the world’s largest retailer struggles with weak US same-store sales.
Comparable-store sales in the US, Wal-Mart’s largest market that includes its Walmart brand and Sam’s Club stores, were flat, in line with the company’s forecast.
Net income for the quarter ended July 31 was $4.09bn, up 0.6% from a year ago. Adjusted earnings per share were $1.21, matching Wall Street estimates.
Revenue beat expectations, rising 2.8% year-over-year to $119.33bn.
Wal-Mart lowered its 2014 earnings forecast to earnings per share between $4.90 and $5.15, from the prior estimate of $5.10-5.45, citing investments in e-commerce and higher US health care costs than previously anticipated.
Doug McMillon, Wal-Mart’s president and chief executive, said the company had clocked up encouraging performances in its international business, its new smaller-sized Neighborhood Market stores in the US and in e-commerce.
“We wanted to see stronger comps in Walmart US and Sam’s Club, but both reported flat comp sales. Stronger sales in the US businesses would’ve also helped our profit performance.”
Shares in Dow component Wal-Mart were down 0.1% at $73.93 in pre-market trade on the New York Stock Exchange.
There are no comments.
SPORT Saying goodbye is never easy, especially when you are saying farewell to those that have left a positive impression. That was the case earlier this month when Canada hosted Mexico in a friendly at BC Place stadium in Vancouver.
TECHNOLOGY Some 60mn primary-school-age children have no access to formal education
CULTURE Lekhwiya’s El Arabi scores the equaliser after Tresor is sent off; Tabata, al-Harazi score for QSL champions
ARABIA The Yemeni Minister of Tourism, Dr Mohamed Abdul Majid Qubati, yesterday expressed hope that the 48-hour ceasefire in Yemen declared by the Command of Coalition Forces on Saturday will be maintained in order to lift the siege imposed on Taz City and ease the entry of humanitarian aid to the besieged
ARABIA Some 200 teachers from schools across the country attended Qatar Museum’s (QM) first ever Teachers Council at the Museum of Islamic Art (MIA) yesterday.
ARABIA The Supreme Judiciary Council (SJC) of Qatar and the Indonesian Supreme Court (SCI) have signed a Memorandum of Understanding (MoU) on judicial co-operation, it was announced yesterday.
ECONOMY Sri Lanka is keen on importing liquefied natural gas (LNG) from Qatar as part of government policy to shift to clean energy, Minister of City Planning and Water Supply Rauff Hakeem has said.
