Wal-Mart Stores, Inc. (NYSE:WMT), the world's largest retailer, said on Thursday its second-quarter profit rose 1.3 percent as improving international sales helped offset weaker same-store sales in the U.S. The company also cut its full-year guidance.
For the three months ended July 31, the Bentonville, Ark., company earned $4.07 billion, or $1.24 per share, on revenue of $116.95 billion. It earned $4.02 billion, or $1.18 per share, on revenue of $114.28 billion, a year earlier. Excluding one-time events, the company earned $1.25 per share.
U.S. same-store sales fell 0.3 percent -- Wall Street analysts polled by Thomson Reuters expected a 1 percent increase -- but international net sales climbed 2.9 percent. The company said same-store traffic decreased 0.5 percent, "while the average ticket increased 0.2 percent."
Wal-Mart cut its full-year earnings per share guidance to $5.10-$5.30 from $5.20-$5.40.
"Consolidated net sales and our Walmart U.S. comp were below expectations," a spokesman said. "While the retail environment was challenging across all of our markets, the Walmart U.S. and Sam's Club businesses improved comp sales from the first quarter, and the growth of International sales was consistent."
Shares were down nearly 3 percent in premarket trading.
Mike Obel assigns, edits and writes stories about business, markets, finance and economics. Before coming to International Business Times, he worked on the Finance Desk of...