US retail giant Wal-Mart stores Inc has outlined its results for the opening quarter of its fiscal 2015 year, with diluted earnings per share falling despite a rise in consolidated net sales.
Earnings per share from continuing operations came in at US$1.10, down 3.5 per cent on the same period last year, negatively impacted by unseasonably severe weather in the US as well as a higher than anticipated effective tax rate in the quarter.
Consolidated net sales rose by aroun US$900m, or 0.8 per cent year-on-year, to US$114.2bn.
Excluding the impact of currency exchange rate fluctuations, Walmart International's net sales would have increased 3.4 per cent to approximately US$34bn. On a reported basis, however,net sales were US$32.4bn, a decrease of 1.4 per cent.
Consolidated net income attributable to Wal-Mart was US$3.6bn, down 5 per cent.
'Walmart's first quarter net sales increased 0.8 per cent over last year,' said Doug McMillon, president and CEO of Wal-Mart Stores inc.'Like other retailers in the United States, the unseasonably cold and disruptive weather negatively impacted US sales and drove operating expenses higher than expected.
'Walmart's underlying business is solid, and I'm confident in our long-term strategies,' he added. 'We'll continue to invest in price and enhance our service to improve sales. We remain focused on growth across the enterprise, especially in small formats like Neighborhood Market in the US.'
