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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Walmart Inc | NYSE:WMT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.03 | 0.05% | 59.85 | 60.00 | 59.39 | 60.00 | 11,117,595 | 22:42:44 |
By Sarah Nassauer and Anne Steele
Wal-Mart Stores Inc. reported stronger quarterly sales Thursday, showing that the world's largest retailer is drawing shoppers at a time when many competitors are reeling in the era of Amazon.com Inc.
Wal-Mart's U.S. same-store sales rose 1.4% for the fiscal first quarter -- the 11th straight quarterly increase -- due to a 1.5% rise in foot traffic, thanks in part to improvements Wal-Mart has made in its stores. However, profit fell 1.3% in the quarter, as the retailer continued making investments to compete with online retailers and discounters by lowering prices, raising wages and expanding e-commerce services.
Shares in the company added 0.8% premarket to $75.75.
The company's stable sales are a marked contrast with many department-store retailers and competitors including Target Corp., which reported lower sales Wednesday.
Wal-Mart also reported higher sales over the winter holiday season. But those gains are being supported by heavy investments, including buying up e-commerce companies, expanded online inventory and investments to speed up shipping times.
During the first quarter, U.S. e-commerce sales surged 63%, boosted by the purchases of online retailer Jet.com in September and smaller e-commerce sites ModCloth, Moosejaw and ShoeBuy earlier this year. Global e-commerce sales rose 7% from a year ago.
"We need to scale our e-commerce business further and see some additional strength in our store comps to deliver the results we know we're capable of," said Wal-Mart Chief Executive Doug McMillon.
In all for the April period, Wal-Mart earned $3.04 billion, or $1.00 a share, compared with $3.08 billion, or 98 cents a share, a year ago.
Revenue increased 1.4% to $117.54 billion. Excluding currency headwinds the company said revenue would have climbed to $118.8 billion. Analysts, polled by Thomson Reuters, were looking for earnings of 96 cents a share on $117.74 billion in revenue.
Wal-Mart said operating, selling, general and administrative expenses grew 2.2% during the quarter. Its cost of sales rose 1.3%.
For the current quarter, the company guided for earnings of $1.00 to $1.08 a share, including a 5-cent tax benefit from the sale of the company's apparel format in Mexico. Analysts, on average, are looking for Wal-Mart to earn $1.07 a share.
"The first quarter was a solid quarter for Wal-Mart on multiple fronts as margins held steady despite the myriad ongoing investments in people, technology and price," said Moody's analyst Charlie O'Shea.
Write to Sarah Nassauer at sarah.nassauer@wsj.com and Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
May 18, 2017 08:16 ET (12:16 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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