Wal-Mart's 1Q profit, sales disappoint

In this May 9, 2013 photo, a worker pushes shopping carts in front of a Walmart store in La Habra, Calif. Wal-Mart Stores Inc. is expected to report quarterly results on Thursday, May 16, 2013. (AP Photo/Jae C. Hong)

In this May 9, 2013 photo, a worker pushes shopping carts in front of a Walmart store in La Habra, Calif. Wal-Mart Stores Inc. is expected to report quarterly results on Thursday, May 16, 2013. (AP Photo/Jae C. Hong)

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(AP) — Wal-Mart Stores Inc.'s first quarter profit rose 1.1 percent as the world's largest retailer struggled with a sales slump in its namesake business.

The company, based in Bentonville, Ark., blamed a payroll tax increase, delayed tax refunds and bad weather for the profit and sales results that missed Wall Street expectations.

The company also offered a profit outlook that came below analysts' projections. Wal-Mart's stock fell $1.76, or 2.2 percent, to $78.10 in premarket trading.

Wal-Mart said Thursday that it earned $3.78 billion, or $1.14 per share in the quarter ended April 30. That compared with $3.74 billion, or $1.09 per share, a year earlier.

Sales rose 1 percent to $113.43 billion. That figure excludes Sam's Club membership fees.

The results fell short of Wall Street expectations for earnings of $1.15 per share on revenue of $115.78 billion.

Wal-Mart reported a 1.4 percent drop in revenue at stores open at least a year at its namesake business, its first drop in a year and a half. At Sam's Club, the figure rose a slim 0.2 percent, held down by less traffic from business customers, bad weather and lower-than-expected inflation.

Revenue at stores open at least a year is considered a key measurement for retailers because it excludes the effect of stores that open or close during the year.

Associated Press

Authors: provided on tsx today section of eStockMarkets

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