Print Print edition: 2017-02-22

Wal-Mart scores solid US sales; earnings dip

Published February 22, 2017 Updated February 22, 2017 12:00am

Wal-Mart Stores on Tuesday reported a strong gain in domestic store sales during the key holiday-shopping quarter, although earnings fell on higher expenses. The world's biggest retailer reported fourth-quarter net income of $3.8 billion, down 17.9 percent from the year-ago period. Revenues were up 1.0 percent to $130.9 billion. Comparable sales at US Wal-Mart stores, one of the most closely scrutinized benchmarks, rose a solid 1.8 percent. That helped offset the hit from lower international sales due in part to the strong dollar.
Wal-Mart chief executive Doug McMillon said the results were "very solid" but that "we have more work to do," including adding more personalization throughout the company's offerings.
"As I step back and look at the retail landscape, customer expectations continue to change rapidly," McMillon said.
Wal-Mart's earnings translated into $1.30 per share, a penny above expectations.