Wal-Mart Profits Rise, But Earnings Miss by a Penny

Wal-Mart Stores Inc. of Bentonville on Nov. 13 reported a 13 percent increase in profit as sales at its discount stores and warehouse clubs grew in the double digits.r

Despite the growth, the world’s largest retailer reported earnings that missed Wall Street estimates by a penny. The earnings were in line with the company’s own estimates.r

Wal-Mart said quarterly net income reached $2.03 billion, or 46 cents per share, compared with $1.8 billion, or 41 cents per share, during the same quarter last year.r

Results from last year’s quarter include $17 million in earnings from discontinued operations.r

Analysts surveyed by Thomson/First Call predicted earnings per share of 47 cents. On Aug. 13, Wal-Mart predicted earnings of between 45 cents and 47 cents per share.r

Sales were $62.48 billion, a 13 percent increase from $55.24 billion. Same-store sales rose 6.1 percent.r

“The excellent results for the quarter reflect the continued efforts by our associates to serve our customers,” Lee Scott, president and CEO, said in a news release. “Of particular note is the performance of our international and Sam’s Club teams.”r

Wal-Mart said Sam’s Club had an operating profit for the quarter of $270 million, an increase of 12.5 percent, compared with $240 million during the same quarter year.r