Wal-Mart Reports Higher 2Q Income, Cuts Full-Year Earnings Outlook
Wal-Mart Stores said Thursday its second-quarter profit rose from a year ago, but the company cut its full-year earnings outlook from a previous forecast.
The world’s largest retailer earned $4.07 billion, or $1.24 a share, up from $4.02 billion, or $1.18, a year earlier.
Net sales for the quarter ended July 26 rose 2.4% to $116.2 billion, the company said.
Wal-Mart said earnings per share for its fiscal year ending in January will be $5.10 to $5.30, down from a previous projection of $5.20 to $5.40.
Its third-quarter EPS will be $1.11 to $1.16, Wal-Mart said.
Wal-Mart’s sales have been hampered this year by a 2% increase in Social Security taxes that has reduced spending among its shoppers, Bloomberg News reported.
With more than 6,000 trucks and almost 60,000 trailers, Wal-Mart Stores is ranked No. 4 on the Transport Topics Top 100 listing of U.S. and Canadian private carriers.
