Wal-Mart profit is flat, but it boosts outlook

Right now, the recovery in consumer spending doesn't seem near. Wal-Mart's Schoewe said early signs for the back-to-school season show that shoppers are focusing on replenishing basics and are fixated on "value" but he believes Wal-Mart is picking up market share across all categories of business.

He also said he sees a continued trend toward shoppers paying for more of their purchases with cash and debit cards instead of credit cards.

Against this challenging environment, Wal-Mart said same-store sales should be unchanged to up 2% in the third quarter ended Oct. 30.

Wal-Mart boosted the low end of its annual profit guidance to a range of $3.50 to $3.60 a share, from $3.45 to $3.60. Analysts surveyed by Thomson Reuters predict $3.56 per share.

For the third quarter, Wal-Mart expects earnings of 78 cents to 82 cents a share, including a 3-cent negative impact from currency exchange rates. Analysts surveyed by Thomson Reuters expect 80 cents a share.

Page
  • 1
  • |
  • 2
Join the Discussion
You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus
 
You Might Also Like...