Wal-Mart reports flat 1st-quarter profit
Wal-Mart Stores Inc. is reporting a flat first-quarter profit as revenue was hurt by the stronger dollar.business Updated: May 14, 2009 17:11 IST
Wal-Mart Stores Inc. is reporting a flat first-quarter profit as revenue was hurt by the stronger dollar.
The world's largest retailer said Thursday that it earned $3.02 billion, or 77 cents per share, for the period ended April 30. That was flat from a year earlier. Revenue fell 0.6 percent to $93.47 billion, from $94.04 billion a year earlier.
Wal-Mart said earnings were hurt by 4 cents per share because of currency exchange rates. Without the that impact, the company said sales would have increased 4.5 percent to $98.31. Analysts were expecting 77 cents per share on revenues of $96.37 billion.
Wal-Mart has been doing better in the recession than many other retailers as because of its focus on low prices and the shift in merchandise it offers.