Bad weather hurts Wal-Mart in 1st quarter
NEW YORK (AP) — Wal-Mart's first-quarter earnings declined 5 percent as bad winter weather kept shoppers away from its stores and pushed operating expenses higher than expected.
Its performance missed Wall Street's view, and the world's biggest retailer gave a second-quarter earnings forecast below analysts' estimates.
Wal-Mart's stock fell more than 2 percent in Thursday premarket trading.
The Bentonville, Arkansas, company earned $3.59 billion, or $1.11 per share, for the period ended April 30. That compares with $3.78 billion, or $1.14 per share, a year ago.
Income from continuing operations was $1.10 per share.
Wal-Mart Stores Inc. said that bad weather hurt earnings by about 3 cents per share.
Total revenue rose 1 percent to $114.96 billion.
Analysts expected earnings of $1.15 per share on revenue of $116.43 billion.