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Last Update: 15-Nov-11 09:55 ET
Wal-Mart Third Quarter Earnings Fall Short Of Expectations
Wal-Mart (WMT $57.55 -1.34) reported third quarter earnings of $0.97 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.98.
Revenues rose 8.2% year/year to $109.52 billion versus the $107.8 billion consensus.
For the fourth quarter, the company expects to see earnings of $1.42 to $1.48, excluding non-recurring items, versus $1.45 Capital IQ Consensus Estimate, with U.S. fourth quarter comparable store sales of flat to +2% and Sam's Club comparable store sales of +4-6%.
Wal-Mart reports U.S. third quarter comparable store sales of +1.3%; co guided for range of -1% to +1%; Sam's Club third quarter comparable store sales of +5.7%; co guided for +3-5% (ex-fuel). During the 13-week period, Walmart U.S. comp sales were driven by an increase in average ticket, partially offset by a decline in traffic versus last year. However, comp traffic improved 160 basis points over the second quarter of 2012.
Grocery, health and wellness and hardlines, which represent ~75 percent of Walmart U.S. annual revenues, all had positive comps. Walmart International increased net sales ~20% to $32.4 bln for the quarter, including the benefit from acquisitions and currency exchange translation. In the third quarter, the co repurchased $1.4 bln worth of shares, representing ~27 mln shares. In addition, the company paid $1.3 bln in dividends.
Revenues rose 8.2% year/year to $109.52 billion versus the $107.8 billion consensus.
For the fourth quarter, the company expects to see earnings of $1.42 to $1.48, excluding non-recurring items, versus $1.45 Capital IQ Consensus Estimate, with U.S. fourth quarter comparable store sales of flat to +2% and Sam's Club comparable store sales of +4-6%.
Wal-Mart reports U.S. third quarter comparable store sales of +1.3%; co guided for range of -1% to +1%; Sam's Club third quarter comparable store sales of +5.7%; co guided for +3-5% (ex-fuel). During the 13-week period, Walmart U.S. comp sales were driven by an increase in average ticket, partially offset by a decline in traffic versus last year. However, comp traffic improved 160 basis points over the second quarter of 2012.
Grocery, health and wellness and hardlines, which represent ~75 percent of Walmart U.S. annual revenues, all had positive comps. Walmart International increased net sales ~20% to $32.4 bln for the quarter, including the benefit from acquisitions and currency exchange translation. In the third quarter, the co repurchased $1.4 bln worth of shares, representing ~27 mln shares. In addition, the company paid $1.3 bln in dividends.
