Thread: Wal-Mart's 1Q net income rise 10%

Cost-cutting helps Wal-Mart's 1Q net income rise 10%

By Anne D'innocenzio, AP Retail Writer

NEW YORK — Wal-Mart Stores reported that its first-quarter net income rose 10% as the world's largest retailer benefited from cost-cutting. But the company 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.

READ: Wal-Mart's earnings release

Wal-Mart (WMT) said Tuesday net income was $3.32 billion, or 88 cents a share. for the period ended April 30. That compares with $3.02 billion, or 77 cents a share, for the same period last year.

Revenue rose almost 6% to $99.85 billion.

Analysts surveyed by Thomson Reuters expected profit of 84 cents a share on revenue of $98.45 billion for the period.

Revenue at stores open at least a year dropped 1.1%, 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 it expects revenue at stores open at least a year to be anywhere from down 2% to up 1%.

Wal-Mart expects earnings per share in the range of 93 cents to 98 cents for the second quarter. Analysts surveyed by Thomson Reuters projects 98 cents a share.

http://www.usatoday.com/money/companies ... ings_N.htm

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