Walmart has reported financial results for the first quarter that fell short of analysts’ projections.
Same-store sales in the U.S. dropped by 1.4% and store visits fell by 1.8 %.
Net income rose 1.1 percent to $3.8 billion from the period a year earlier, while revenue rose 1 percent, to $114.2 billion. According to the New York Times, analysts expected revenue of $116.3 billion. Diluted earnings per share attributable to Walmart (EPS) rose 4.6% from $1.14 to $1.09.
The company’s sales grew 2.9 percent to $33 billion internationally, increasing market share in several countries despite the weak sales
"I'm confident about our long-term strategy and the direction Walmart is headed," said President and CEO Mike Duke. "Our expectations about our U.S. businesses' performance, coupled with more discipline in International, will allow us to improve our performance throughout the year."
