Bentonville, AR, May 12--Wal-Mart Stores reported a 14 percent increase in first-quarter earnings, but the results missed Wall Street estimates as unseasonably cool weather and higher gasoline prices hurt business.
The company said quarterly net income grew to $2.5 billion, or $0.58 per share, in the three months ended April 30 from $2.2 billion, or $0.50 per share, a year earlier. The company said first-quarter earnings were boosted by $145 million, or $0.03 per share, from tax and legal resolutions. Excluding the items, earnings per share totaled $0.55 per share, a penny below Wall Street expectations.
Sales rose 10 percent to $70.9 billion from $64.76 billion a year ago, while total revenue including sales and other income grew to $71.7 billion from $65.4 billion a year ago.
Analysts expected the company to earn $0.56 per share on sales of $72 billion.
"We achieved record results in the quarter," said Lee Scott, president and CEO in a statement. "Yet with higher gasoline prices and a cooler and wetter spring than normal we missed our plan. We are making the necessary adjustments and I anticiipated better results in the second half of the year."
Sales at stores open at least a year, known as same-store sales, were up 2.9 percent.
At Wal-Mart's namesake discount stores, total sales rose 9.3 percent to $47.64 billion, while Sam's Club division had a 5.9 percent increase, reaching $9.16 billion in sales. The international business enjoyed a 12.4 percent gain, reaching $14.11 billion in sales.
