Market Updates
Wal-Mart Profit up 49%, Cuts Outlook
Elena
14 Aug, 2007
New York City
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The world
[R]8:15AM Wal-Mart profit jumped 49%. The retailer cut 2008 profit.[/R]
The world’s biggest retailer Wal-Mart Stores Inc. ((WMT)) said Tuesday its Q2 net income jumped 49% to $3.11 billion, or 76 cents a share, compared with $2.08 billion, or 50 cents a year ago. Net sales climbed to $91.99 billion from $84.52 billion, while net revenue rose 9% to $93.01 billion from $85.43 billion. Quarterly results generally met estimate of 76 cents of profit on $92.68 billion of revenue.
Considerable reductions on back-to-school merchandise in the last weeks pressured quarterly profit. It took a loss of $863 million in last-year same quarter in connection with the sale of its German operations to Metro. Wal-Mart cut its earnings outlook. For fiscal 2008, Wal-Mart expects earnings of $3.05 to $3.13 a share from continuing operations, down from its previous estimate of $3.15 to $3.23.
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