Walmart beat analyst estimates but for the wrong reason. Same store sales ex-fuel actually came in below expectations, at -1.2% vs. an expected 0.85%.
In its announcement: CEO Mike Duke said the environment was “more difficult than we expected,” but that cost discipline would continue to be a major focus.
Still, we liked the result nevertheless, especially since management boosted full-year EPS guidance to $3.50 – $3.60, implying about 6% earnings growth YoY, and also projected that same store sales could be up as much as 2% for the next quarter. Any growth in this environment is good. Walmart is delivering.
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