Bentonville, AR, August 16-- Wal-Mart reported second-quarter earnings that rose 6% to $2.8 billion, or $0.67 per share. The company reported sales that were up 10.2% to $76.8 billion.
Analysts surveyed by Thomson Financial expected a profit of $0.65 per share and sales of $77.46 billion.
Wal-Mart Chief Executive Lee Scott said the company's sales came in lower than expected and he blamed high gasoline prices. Scott noted that a cool and wet spring got the quarter off to a slow start but summer came in stronger than forecast.
Scott said, "I worry about the effect of higher oil prices." He said, "Higher prices at the pump could erase economic gains for a portion of Wal-Mart's customer base."
Scott said the company has kept its low-price items but has improved its mix of merchandise in mid- and premium-price categories.
Same-store sales, rose 3.5% for the quarter at U.S. stores -- 3.6% in the Wal-Mart division and 2.9% at Sam's Club warehouse stores. The company projected same-store sales in the third quarter of between 3% and 5%.
Wal-Mart projected it would earn between $0.55 and $0.59 per share for its third quarter and between $2.63 and $2.70 for the year. Analysts are expecting a profit of $0.60 per share for the third quarter and $2.66 for the year.
