Wal-Mart’s Fourth-Quarter Net Profit Rose, Boosted by International Revenue
Wal-Mart Stores Inc. posted a 4% rise in fiscal fourth-quarter net income, helped by strong international revenue, but the retail giant noted cautious consumer spending and said it expects earnings in the current quarter to come in below analysts' expectations.
For the quarter ended Jan. 31, the discount retailer reported net income of $4.1 billion, or $1.02 a share, up from $3.94 billion, or 95 cents a share, a year earlier. The latest results include a net two-cent per share charge related to restructuring at its Japanese subsidiary, expenses for dropped U.S. real-estate projects and the sale of some real estate. Year-earlier results included a two-cent a share tax benefit. The company had expected the latest quarter's earnings including the charges to come in between 99 cents and $1.03 a share.
Total revenue climbed 9.5% to $107.43 billion, the first time a retailer has topped $100 billion in a quarter. The mean estimates of analysts polled by Thomson Financial were for earnings of $1.02 a share on $106.92 billion in revenue. International revenue rose 19% while earnings rose 15%. President and Chief Executive Lee Scott said, "We had a very strong underlying operating performance, exceeding our expectations."
Published on February 19, 2008
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