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Wal-Mart's Earnings Rise 10 Percent on Cost Cutting

Tuesday, 18 May 2010 08:34 AM

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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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...
US,Earns,Wal,Mart
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Tuesday, 18 May 2010 08:34 AM
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