Wal-Mart reported roughly flat quarterly profit as the strong US dollar lowered the value of its international sales and it faced tough comparisons with last year, when shoppers spent US government issued stimulus checks in its stores.
The world's biggest retailer, which has dropped the hyphen from its name and now calls itself Walmart, also said sales at its US stores open at least a year fell 1.2 per cent. Wall Street on average expected a gain of 0.85 per cent.
Quarterly net income was $3.44 billion compared with $3.44 billion a year earlier, while earnings per share rose to 88 cents from 87 cents. Analysts on average were expecting 85 cents a share, according to Reuters Estimates.
For the current, third quarter, Walmart expects earnings per share from continuing operations of 78 cents to 82 cents.
For the 13 weeks ended October 30th, it forecast Walmart US same-store sales to be between flat and up 2 per cent, with same-store sales at its Sam's Club to be flat, plus or minus 1 per cent.
Reuters