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Earnings per share came to $1 in the first quarter ended on
April 30, exceeding the analysts' average estimate of 96 cents,
according to Thomson Reuters I/B/E/S. Consolidated net income
fell to $3.04 billion from $3.08 billion due to an increase in
the tax rate.
Wal-Mart said sales at U.S. stores open at least a year rose 1.4
percent, excluding fuel price fluctuations. Analysts were
expecting a 1.3 percent increase, according to Consensus Metrix.
For the second quarter, Wal-Mart said it expected a rise of 1.5
percent to 2 percent in U.S. same-store sales. It forecast
earnings per share of $1 to $1.08, against market expectations
of $1.07.
Online sales rose 63 percent, an acceleration from previous
quarters. The company said most of the growth was from its
existing online operations rather than from acquisitions.
Wal-Mart's performance, along with rival Target Corp's results
on Wednesday, bucked a string of weak results by department
store retailers like Macy's Inc. On Wednesday, Target reported
higher-than-expected quarterly earnings and sales and set an
optimistic tone for the year.
Shares of Wal-Mart were up 1.2 percent at $76 before the market
opened. As of Wednesday's close, the stock had risen 8.7 percent
so far this year.
(Reporting by Nandita Bose in Chicag; Editing by W Simon and
Lisa Von Ahn)
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