Walmart Earnings Increase, but Sales Fall Short

Walmart Stores Inc., the discount retailer, said on Thursday that its profits for the third quarter had increased by 9%, which beat estimates, but that its revenues had fallen short of Wall Street expectations, while sales for same-store increased by 1.5%.

Earnings for Walmart have been challenged of late as it low-income customers who have been the core customers of the store throughout the U.S. try to cope with high unemployment and high prices of gasoline.

Walmart’s net profit was $3.64 billion or just above $1.08 a share, an increase from the same quarter a year earlier of $3.34 billion or only 96 cents a share. Revenue increased 3.4% to more than $113.2 billion but was impacted negatively from the fluctuations of exchange rates, said company officials. Taking out the impact of currency rates, sales would have reached $114.9 billion, executives of the retailer said.

Analysts at Wall Street expected Walmart to earn over $1.07 a share on total sales of nearly $114 billion. Mike Duke, CEO and president of Walmart Stores said the company was pleased with its financial performance during the third quarter and the hard work and dedication of all if its associates that serve communities and customers worldwide.

Duke said the earnings per share were an 11.3% increase from last year’s third quarter. However, same store revenue increased just 1.5%, which fell short of Wall Street’s projections of 4.6%. Sam’s Club same store revenue was up 2.7% compared to the 3% to 5% prediction of growth by the company.

Latest News

Amalgamated Bank Buys 1,228 Shares of Alnylam Pharmaceuticals, Inc.
Amalgamated Bank Buys 1,228 Shares of Alnylam Pharmaceuticals, Inc.
Amalgamated Bank Acquires 2,498 Shares of Incyte Co.
Amalgamated Bank Acquires 2,498 Shares of Incyte Co.
Twilio Inc  Shares Bought by Amundi Pioneer Asset Management Inc.
Twilio Inc Shares Bought by Amundi Pioneer Asset Management Inc.
Itron, Inc.  Position Raised by Amundi Pioneer Asset Management Inc.
Itron, Inc. Position Raised by Amundi Pioneer Asset Management Inc.
40,437 Shares in NetScout Systems, Inc.  Acquired by A.R.T. Advisors LLC
40,437 Shares in NetScout Systems, Inc. Acquired by A.R.T. Advisors LLC
A.R.T. Advisors LLC Boosts Stake in Spartan Motors Inc
A.R.T. Advisors LLC Boosts Stake in Spartan Motors Inc


© 2006-2018 Ticker Report. Google+.