Wal-Mart Earnings Drop 7.4%, Asian Markets Fall

123jump.com Staff
17 Feb, 2009
New York City

Wal-Mart fourth quarter earnings dropped 7.4% to $3.79 billion or 96 cents a share compared to $4.01 billion or $1.02 a share. The company increasingly reliant on international sales and sale of groceries at domestic locations in the U.S. had anemic sales growth.

[R]8:15 AM New York – Asian Markets close lower on weak economic outlook. Wal-Mart fourth quarter sales rose 1.7% and earnings dropped 7%.[/R]

Wal-Mart fourth quarter earnings dropped 7% to $3.79 billion or 96 cents a share compared to $4.01 billion or $1.02 a share. The company increasingly reliant on international sales and sale of groceries at domestic locations in the U.S. had anemic sales growth. Total quarterly sales rose 1.7% to $107.996 billion from a year ago sales of $106.208 billion.

For the fiscal year 2009, the company sales increased 7.2% to $401.244 billion and earnings per share increased 6% to $.335 from $3.42. For the year sales at domestic locations rose 6.8% and at international locations surged 9.1%. Sales at Sam’s Club, the warehouse outlet managed by the company rose 5.6%.

Japan stock indexes declined after index for demand for services dropped in December. Passenger car sales from the eight biggest car makers will drop in the current fiscal year. Finance Minister Nakagawa resigned after he appeared intoxicated at a press conference after G-7 meeting.

Stocks in Australia fell on the worries that the global recession is likely to deepen after G-7 meeting of ministers failed to offer clear path to recovery. China based Minmetals offered $2.6 billion bid for OZ Minerals. BG Group raises takeover offer for Pure Energy to A$995 million.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 104.66 or 1.35% to 7,645.51, Hang Seng index in Hong Kong decreased 510.48 or 3.79% closed to 12,945.40, CSI 300 index in China lower 76.95 or 3.13% closed to 2,385.29. ASX 200 index in Australia decreased 52.60 or 1.50% closed to 3,464.30. The KL Composite index in Malaysia lower 8.66 or 0.95% closed to 898.53.

The Kospi Index in South Korea decreased 48.28 or 4.11% to close at 1,127.19. SET index in Thailand closed lower 8.42 or 1.89% to 438.22 and JSE Index in Indonesia decreased 23.96 or 1.79% closed to 1,318.04. The Sensex index in India decreased 270.45 or 2.91% closed to 9,035.00.

Europe Markets Review

In London FTSE 100 Index traded lower 65.84 or 1.59% to 4,068.91, in Paris CAC 40 Index decreased 56.33 or 1.90% to 2,905.89 and in Frankfurt DAX index traded lower 84.65 or 1.94% to 4,281.99. In Zurich trading SMI decreased 89.32 or 1.76% to 4,988.30.