Washington: Wal-Mart Stores on Thursday posted a slight profit rise for its fiscal second quarter, as the world`s largest retailer struggles with weak US same-store sales.
Comparable-store sales in the United States, Wal-Mart`s largest market that includes its Walmart brand and Sam`s Club stores, were flat, in line with the company`s forecast.
Net income for the quarter ended July 31 was USD 4.09 billion, up 0.6 percent from a year ago. Adjusted earnings per share were USD 1.21, matching Wall Street estimates.
Revenue beat expectations, rising 2.8 percent year-over-year to USD 119.33 billion.
Wal-Mart lowered its 2014 earnings forecast to earnings per share between USD 4.90 and USD 5.15, from the prior estimate of USD 5.10-5.45, citing investments in e-commerce and higher US health care costs than previously anticipated.
Doug McMillon, Wal-Mart`s president and chief executive, said the company had clocked up encouraging performances in its international business, its new smaller-sized Neighborhood Market stores in the US and in e-commerce.
"We wanted to see stronger comps in Walmart US and Sam`s Club, but both reported flat comp sales. Stronger sales in the US businesses would`ve also helped our profit performance."
Shares in Dow component Wal-Mart were down 0.1 percent at USD 73.93 in pre-market trade on the New York Stock Exchange.
