UPDATE: Wal-Mart Posts Lower Q1 Earnings, Issues Weak Outlook

Wal-Mart Stores

reported weaker-than-expected first-quarter earnings and issued a weak earnings outlook for the current quarter. Wal-Mart's traffic at US stores fell 1.4% in the quarter, while comparable store sales in the US declined 0.08%. Walmart's ecommerce rose 27% for the quarter. Sam's Club comp traffic, excluding fuel, dropped 0.2% in the quarter, while average ticket declined 0.3%. For the current quarter, Wal-Mart projects adjusted earnings of $1.15 per share to $1.25 per share, versus analysts' estimates of $1.28 per share. Wal-Mart's quarterly profit fell to $3.58 billion, or $1.11 per share, versus a year-ago profit of $3.78 billion, or $1.14 per share. Its revenue climbed 0.8% to $114.2 billion. However, analysts were projecting a profit of $1.15 per share on revenue of $116.4 billion The company's press release offered the following comment from Doug McMillon, Wal-Mart Stores, Inc. president and chief executive officer: "Walmart's first quarter net sales increased 0.8 percent over last year. Like other retailers in the United States, the unseasonably cold and disruptive weather negatively impacted U.S. sales and drove operating expenses higher than expected." Wal-Mart shares slipped 2.91% to $76.45 in pre-market trading.