BENTONVILLE, Ark. – Wal-Mart Stores Inc. (WMT) on Thursday eked out a 0.6 percent profit increase in its fiscal second quarter. The results matched analysts’ expectations.
The world’s largest retailer cut its annual profit outlook.
The Bentonville, Arkansas-based company reported net income of $4.09 billion, or $1.26 per share, compared with $4.07 billion, or $1.24 per share, in the same quarter a year ago.
Earnings, adjusted to account for discontinued operations, were $1.21 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.21 per share.
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The company said revenue rose roughly 3 percent to $119.34 billion from $116.1 billion in the same quarter a year earlier. Analysts expected $119.06 billion, according to Zacks.
Wal-Mart Stores shares have fallen $4.66, or almost 6 percent, to $74.03 since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 5 percent. The stock has dropped $3.05, or 4 percent, in the last 12 months.