Wal-Mart Stores Inc. of Bentonville on Thursday reported a first-quarter same-store sales decline of 1.4 percent and earnings that narrowly missed analysts’ expectations as its CEO cited “considerable headwinds” to top line sales.
Still, the world’s largest retailer predicted a better second quarter with positive same-store sales growth.
(Click here for Wal-Mart’s first-quarter earnings report.)
For the first quarter, Wal-Mart reported profit of $3.78 billion, or $1.14 per share, compared to $3.74 billion, or $1.09 per share, during the same quarter last year. Sales reached $114.2 billion, up 1.1 percent from the same quarter year.
Analysts had expected earnings per share of $1.15 and a 3 percent increase in sales to $116.4 billion. Wal-Mart said same-store sales performance was affected by a delay in income tax refund checks, “challenging weather conditions,” less-than-expected grocery inflation and the payroll tax increase. Click here to read the full story from our partners at ArkansasBusiness.com.