Wal-Mart Stores Inc. reported that its first-quarter net income rose 10 percent as the world's largest retailer benefited from cost-cutting. But the discounter said a key measure of revenue dropped for the fourth consecutive quarter.
It also offered a muted outlook for the current quarter as shoppers worry about jobs and their finances.
Wal-Mart said Tuesday net income was $3.32 billion, or 88 cents per share for the period ended April 30. That compares with $3.02 billion, or 77 cents per share in the year-ago period.
Revenue rose almost 6 percent to $99.85 billion, from $94.24 billion.
Analysts surveyed by Thomson Reuters expected profit of 84 cents per share on revenue of $98.45 billion for the period.
Revenue at stores open at least a year dropped 1.1 percent, dragged down by its U.S. namesake division. The measure is a key indicator of a retailer's health since it excludes the effect of expansion.
Wal-Mart said that it expects revenue at stores open at least a year for its U.S. namesake business to be anywhere from down 2 percent to up one percent.
Wal-Mart expects earnings per share in the range of 93 cents to 98 cents per share for the second quarter. Analysts surveyed by Thomson Reuters projects 98 cents per share.
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