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Company says results in next period could fall short of estimates
By Chris Burritt
Bloomberg News
Published on Wednesday, May 14, 2008
Wal-Mart Stores Inc. reported higher fiscal first-quarter earnings Tuesday and said results for the next period could trail analysts' estimates as record gasoline prices squeeze consumers.
Net income for the three months ended April 30 increased 6.9 percent to $3.02 billion, or 76 cents a share, beating the average analyst estimate by a penny a share. For the May-to-July period, the Bentonville, Ark.-based company said it expected to earn 78 cents to 81 cents. Analysts surveyed by Bloomberg News estimated an average 81 cents.
Chief Executive Officer H. Lee Scott ordered discounts as deep as 30 percent to spur demand for medicines, groceries and consumer electronics.
Wal-Mart also is cashing tax-rebate checks for free to lure customers from Target Corp. and Kroger Co.
''There are still uncertainties about the rest of the year,'' Scott said on a recorded call. ''The economy is playing a critical factor in 2008. Customers are focusing on food and daily-use items. Small businesses are under pressure.''
First-quarter revenue rose 10 percent to $95.3 billion.
The additional visits boosted comparable-store sales by 2.7 percent, the best performance in eight quarters.
Wal-Mart customers spent an average 2.4 percent more per transaction, reflecting a consolidation of shopping trips.
Sales at stores open at least a year could be unchanged in the three months through July, the retailer said.
''In this environment, I don't think you'd want to go'' higher with the forecast, said Joseph Feldman, managing director at Telsey Advisory Group in New York.
Wal-Mart Stores Inc. reported higher fiscal first-quarter earnings Tuesday and said results for the next period could trail analysts' estimates as record gasoline prices squeeze consumers.
Get the full article here.
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