Wal-Mart 4Q profit rises 9.8 pc
Wal-Mart Stores Inc on Wednesday reported fourth-quarter profit growth of 9.8 per cent to beat analyst estimates, and issued a bullish forecast for the world's largest retailer.
By Agencies |
BENTONVILLE: Wal-Mart Stores Inc on Wednesday reported fourth-quarter profit growth of 9.8 per cent to beat analyst estimates, and issued a bullish forecast for the world's largest retailer.
Chief Executive Lee Scott said Wal-Mart's flagship US business helped lift the full company's results. He attributed the growth in part to a twin strategy of discounting hot items like electronics and holiday toys while continuing to tailor stores more closely to local demographics.
"I believe in the strategic plan that is guiding our US stores," Scott said in a recorded conference call for investors.
Wal-Mart Stores said profit for the period ending January 31 was $3.94 billion, or 95 cents per share, up from $3.59 billion, or 87 cents, from one year prior. Even with a $98 million tax benefit worth 2 cents per share, Wal-Mart's earnings beat the 90 cents per share forecast by analysts surveyed by Thomson Financial.
The company had fourth-quarter sales of $98.09 billion, up 10.9 per cent from a year before but below the $99.95 billion forecast by analysts.
Chief Executive Lee Scott said Wal-Mart's flagship US business helped lift the full company's results. He attributed the growth in part to a twin strategy of discounting hot items like electronics and holiday toys while continuing to tailor stores more closely to local demographics.
"I believe in the strategic plan that is guiding our US stores," Scott said in a recorded conference call for investors.
Wal-Mart Stores said profit for the period ending January 31 was $3.94 billion, or 95 cents per share, up from $3.59 billion, or 87 cents, from one year prior. Even with a $98 million tax benefit worth 2 cents per share, Wal-Mart's earnings beat the 90 cents per share forecast by analysts surveyed by Thomson Financial.
The company had fourth-quarter sales of $98.09 billion, up 10.9 per cent from a year before but below the $99.95 billion forecast by analysts.
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