Wal-Mart revenues and earnings miss

AP120514178686AP/Elise AmendolaShoppers look at merchandise at a Walmart.

Wal-Mart reported first-quarter earnings on Tuesday morning, and it was a miss on the top and bottom line.

The world’s largest retailer reported first quarter diluted earnings per share of $US1.03, missing expectations for $US1.05, according to Bloomberg.

The company posted revenues of $US114.88 billion, below the consensus forecast for $US116.23 billion.

“We had a solid first quarter. We took some important strategic steps to strengthen the foundation of our business for the future. We need to continue to get better at consistently running great stores, clubs and e-commerce everywhere,” CEO Doug McMillon wrote in the release.

Comparable store sales rose 1.1%, versus prior guidance of 1% – 2%, and the estimates for 1.5%.

The stock was lower but little changed in pre-market trading.

More to come …

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