Wal-Mart Stores Inc. (NYSE WMT), reported an 8 percent profit gain for its fiscal first-quarter which was in line with analysts expectations, but may come short of analyst estimates for its second-quarter.
The world's biggest retailer posted a net income of $2.83 billion, or 68 cents per share. The result was in the lower range of the 68 cents to 71 cents per share projected earlier in the year, but higher than the same quarter last year, which yielded $2.62 billion, or 63 cents per share.
Analysts polled by Thomson Financial expect earnings of 68 cents.
Quite honestly, we were not satisfied with our overall performance, President and CEO Lee Scott said on a recorded conference call on Tuesday.
Sales rose 8.3 percent to $85.387 billion.
The company said overseas sales were the fastest growing segment of Wal-Mart's business, growing nearly 19 percent for the quarter. The international stores account for 23 percent of the company's total sales.
Revenue rose 8.5% to $86.41 billion from $79.68 billion, while analysts expected revenue of $86.94 billion.
But Wal-Mart forecast earnings per share continuing operations between 75 cents to 79 cents for its fiscal second-quarter. Analysts were expecting 79 cents a share.
Wal-Mart shares were down 23 cents, or 0.48 percent, to $47.61 in late morning trading on the New York Stock Exchange.