Wal-Mart's 4Q profits slip; US business rebounding

[February 21, 2012]  NEW YORK (AP) -- Wal-Mart Stores Inc. is reporting a 4.2 percent decline in fourth-quarter profits. But the world's largest retailer's U.S. namesake business continued its rebound as its grabbed shoppers over the critical holidays.

The discounter says net income was $5.16 billion, or $1.50 per share in the three months ended Jan. 31. That compares with $6.05 billion, or $1.70 per share, in the year ago period.

Including results from certain tax benefits, the retail recorded $1.51 per share for the quarter.

Net sales rose 5.9 percent to $122.28 billion.

The company's namesake business had a 1.5 percent increase in revenue at stores opened at least a year, its second consecutive quarterly gain after facing a more than two-year slump.

Analysts were expecting earnings per share of $1.46 on revenue of $123.9 billion.

[Associated Press; By ANNE D'INNOCENZIO]

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