Wal-Mart's 1Q profit, sales disappoint
By ANNE D'INNOCENZIO
AP Retail Writer
NEW YORK (AP) -- Wal-Mart Stores Inc. is reporting a slim 1.1 percent increase in first-quarter profit as the world's largest retailer struggled with a sales slump in its namesake business.
The company also offered a profit outlook that came below analysts' expectations.
Wal-Mart says 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.
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.
The results fell short of Wall Street expectations for earnings of $1.15 per share on revenue of $115.78 billion.