US retail giant Walmart reported today that its first quarter earnings edged higher to USD 3.8 billion but said comparable sales at its US stores declined.
Wal-Mart Stores Inc. Said its net income was up 1.1 percent from the previous year's USD 3.7 billion. Net income per share came in at USD 1.14, compared with analyst expectations of USD 1.15.
Walmart said its US comparable store sales declined 1.4 percent due to a delay in income tax refund checks, "challenging" weather, lower-than-expected grocery inflation and payroll tax increases.
"In a quarter marked by considerable headwinds to top line sales, Walmart delivered solid earnings per share growth of 4.6 percent," Mike Duke, chief executive of Walmart, said in a statement.
Comparable store sales at Walmart's Sam's Club chain rose 0.2 percent in the quarter, excluding fuel sales.
Walmart said its second quarter earnings per share would be between USD 1.22 and USD 1.27 per share, below the USD 1.29 estimated by analysts.
Walmart said it expects expenses in the second quarter related to bribery investigations under the Foreign Corrupt Practices Act expected to range from USD 65-70 million.
