UPDATE: Wal-Mart Q4 Net Income Declines 15%

Wal-Mart Stores Inc

reported a 15% drop in its fourth-quarter net income. Wal-Mart's quarterly earnings fell to $5.16 billion, or $1.50 per share, from $6.06 billion, or $1.70 per share, in the year-ago quarter. Its earnings from continuing operations came in at $1.51 per share. Its net sales surged 5.8% to $122.29 billion. However, net revenue, including membership fees and other income, rose to $123.17 billion from $116.36 billion. Analysts were expecting a profit of $1.46 per share on revenue of $123.92 billion. For the fiscal 2013 first quarter, Wal-Mart expects continuing operations to generate a profit of $1.01 to $1.06 per share, versus analysts' estimates of $1.05 per share. Wal-Mart shares dropped 2.53% to $60.90 in pre-market trading.