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Name | Symbol | Market | Type |
---|---|---|---|
Massmart Holdings Ltd (PK) | USOTC:MMRTY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.80 | 6.54 | 8.27 | 0.00 | 01:00:00 |
Wal-Mart Stores Inc.'s (WMT) fiscal first-quarter profit rose 3% as international sales strength continued to drive the top line.
The world's largest retailer has grown earnings on the strength of its international business of late, while struggling with same-store sales weakness in the U.S. Chief Executive Mike Duke last month indicated U.S. store momentum is a "critical priority." It has been re-focusing on low prices and growing its merchandise after curtailing in some categories, as American consumers face inflation, high unemployment and a weak housing market.
Meanwhile, Wal-Mart on Monday threatened to walk away from a proposed $2.4 billion acquisition of South African retailer Massmart if conditions are imposed following recommendations by the country's Competition Commission. The deal is important for Wal-Mart as it seeks a foothold to tap into Africa's growing consumer class.
For the quarter ended April 30, Wal-Mart posted a profit of $3.4 billion, or 97 cents a share, up from $3.3 billion, or 87 cents a share, a year earlier. Discontinued operations cut the latest result by a penny. In February, the company had forecast a profit of 91 cents to 96 cents a share.
Revenue rose 4.4% to $104.19 billion, beating the $102.93 billion Wall Street estimate, according to a Thomson Reuters poll.
International sales jumped 12%, and were up 6.2% in constant currencies, as operating earnings increased 1.2%. U.S. sales edged up 0.6%. On a same-store basis, excluding fuel, U.S. sales declined 1.1% at namesake stores but rose 4.2% at Sam's Club.
For the current quarter, it projected earnings from continuing operations of $1.05 to $1.10, bracketing the average Street estimate.
Wal-Mart shares were up 0.5% to $56.38 in premarket trading. They closed Monday at $56.06
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com
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