Walmart profit roughly flat

 @ibtimes
on August 13 2009 7:40 AM

Walmart Stores Inc reported roughly flat quarterly profit as the strong U.S. dollar lowered the value of its international sales and it faced tough comparisons with last year, when shoppers spent U.S. government issued stimulus checks in its stores.

The world's biggest retailer, which has dropped the hyphen from its name and now calls itself Walmart, also said sales at its U.S. stores open at least a year fell 1.2 percent percent. Wall Street on average expected a gain of 0.85 percent.

Quarterly net income was $3.44 billion compared with $3.44 billion a year earlier, while earnings per share rose to 88 cents from 87 cents. Analysts on average were expecting 85 cents a share, according to Reuters Estimates.

For the current, third quarter, Walmart expects earnings per share from continuing operations of 78 cents to 82 cents.

For the 13 weeks ended October 30, it forecast Walmart U.S. same-store sales to be between flat and up 2 percent, with same-store sales at its Sam's Club to be flat, plus or minus 1 percent.

(Reporting by Nicole Maestri; Editing by Lisa Von Ahn)

Share this article

More News from IBT MEDIA