Business News
Wal-Mart reports stagnant quarterly profit and sales (Roundup)
May 14, 2009, 15:34 GMT
New York - Wal-Mart Stores Inc, the world's biggest retailer, on Thursday reported flat first-quarter 2009 profit of 3 billion dollars, with more cost-conscious consumers continuing to turn to the discounter, but the stronger dollar cutting into overseas returns.
Profit amounted to 77 cents per share, up from 76 cents per share in the year-earlier period.
The US discount group's sales revenue declined 0.6 per cent to 94.2 billion dollars. Excluding exchange rate changes, total sales rose 4.5 per cent to 98.3 billion dollars, the Bentonville, Arkansas- based company said.
Revenue within the United States rose 4 per cent to 61.2 billion dollars, with same-store sales up nearly 4 per cent excluding sales of petrol.
International sales fell 11 per cent to 21.3 billion dollars. Revenue from Wal-Mart's international business felt the negative effects of the dollar strengthened against other major currencies, but excluding the effects of currency exchange rose 9 per cent.
'We're pleased to report that fiscal year 2010 is off to a very good start,' Mike Duke, the head of the Bentonville, Arkansas-based group said, predicting profits would exceed expectations in the ongoing second quarter.
Wal-Mart said it expects same-store sales to gain up to 3 per cent in the current quarter.
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