Wal-Mart Net Increases; Shares Fall on Forecast |
| Bloomberg - May 13, 2008 |
Wal-Mart Stores Inc., the world's largest retailer, posted a higher first-quarter profit and forecast second-quarter earnings that may trail analysts' estimates as consumers strained by $3.70-a-gallon gasoline slowed spending.
Sales at stores open at least a year may be unchanged in the three months through July, the retailer said today. Wal- Mart fell 82 cents, or 1.4 percent, to $57.20 at 9:34 a.m. in New York Stock Exchange composite trading.
Chief Executive Officer H. Lee Scott ordered discounts as deep as 30 percent to spur demand for medicines, groceries and consumer electronics among middle-income Americans squeezed by higher expenses. Wal-Mart is also cashing tax-rebate checks for free to lure customers from Target Corp. and Kroger Co.
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- Posted: 2008-05-13 08:36:15
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