Wal-Mart tops 1Q profit forecasts
BENTONVILLE, Ark. - Wal-Mart Stores Inc. (WMT) on Thursday reported fiscal firstquarter earnings of $3.04 billion.
On a per-share basis, the Bentonville, Arkansas-based company said it had profit of $1.
The results surpassed Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 96 cents per share. The world’s largest retailer posted revenue of $117.54 billion in the period, missing Street forecasts. Eight analysts surveyed by Zacks expected $117.63 billion. For the current quarter ending in August, Wal-Mart expects its per-share earnings to range from $1 to $1.08. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.07.