Wal-Mart Stores Inc. reported marginally higher fiscal first-quarter earnings, and chief executive David Glass said that though the gains were below usual levels for the quarter, earnings should accelerate as the year progresses.
Wal-Mart, the largest U.S. retail chain, reported higher operating profits at its two major domestic divisions, Wal-Mart and Sam’s. The international division, however, continued to report a loss.
Net income rose 3 percent, to $571 million, or 25 cents a share, from $553 million, or 24 cents a share, a year earlier. The company also reported record sales of $22.8 billion for the quarter ended April 30, up 11 percent from $20.4 billion a year earlier.
The quarterly earnings matched Wall Street projections.
As of April 30, Bentonville, Ark.-based Wal-Mart had 1,977 Wal-Mart stores, 267 Supercenters, 432 Sam’s Clubs, 134 Canadian Wal-Mart stores, 11 Puerto Rican units and 140 units in Mexico and South America.
– Deere & Co. said its fiscal second-quarter net income rose 15 percent, to $272.7 million, or $1.04 a share, from $237 million, or 92 cents a share, a year earlier.
The per-share earnings for the quarter ended April 30 matched Wall Street forecasts.
The world’s largest agriculture equipment-maker reported that revenue for the quarter increased 10 percent, to $3.09 billion from $2.81 billion a year earlier.
For the first six months of its fiscal year, the Moline, Ill.-based company said its net income rose 17 percent, to $438.9 million, or $1.67 a share, from $375.5 million, or $1.45 a share. Six-month revenue rose 10 percent, to $5.4 billion from $4.9 billion.
