Wal-Mart Stores Inc. (WMT) reported that its first-quarter consolidated net income attributable to company increased to $3.78 billion, from $3.74 billion last year. Profit per share was $1.14, compared to $1.09 last year.
Net sales were $113.43 billion, an increase of 1.0 percent from $112.26 bilion prior year. The company noted that the net sales in last year benefited by 1.0 percent from the extra day due to leap year. On a constant currency basis, net sales would have increased 1.8 percent to $114.2 billion. Total revenue was $114.19 billion, a 1.0 percent increase over $113.01 billion last year.
Walmart U.S. comp sales declined 1.4 percent in the 13-week period from Jan. 26 to Apr. 26, 2013. Comp sales, without fuel, at Sam's Club were up 0.2 percent during the period, pressured by softer business member traffic, weather and lower than expected inflation.
The company said Comp sales performance was impacted by a delay in income tax refund checks, challenging weather conditions, less grocery inflation than expected and the payroll tax increase.
On average, 22 analysts polled by Thomson Reuters expected the company to report profit per share of $1.15 for the quarter. Analysts' estimates typically exclude speical items. Analysts expected revenue of $116.42 billion for the quarter.
Wal-Mart Stores expects second-quarter profit per share to be in the range of $1.22 to $1.27. Analysts expect the company to report second-quarter profit per share of $1.29.
Charles Holley, CFO, said, "Investments in Global eCommerce initiatives were forecast to have an incremental $0.09 impact for fiscal 2014, and this remains in our guidance. We expect the Q2 impact to be in line with the $0.02 per share we had in the first quarter. In addition to eCommerce initiatives, expenses related to FCPA matters are expected to range from $65 to $70 million for the second quarter."
For the 13-week period ending Jul. 26, Walmart U.S. expects comp store sales to increase from flat to 2.0 percent. Sam's Club expects comp sales, excluding fuel, for the current 13-week period ending Jul. 26, 2013, to increase from 1.0 to 3.0 percent.
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