Consolidated net income attributable to Walmart was $4.1 billion, up 1.3 percent. Diluted earnings per share attributable to Walmart (EPS) were $1.24, a 5.1 percent increase, compared to $1.18 last year. EPS for the quarter was impacted by approximately $0.01 due to a charge for a certain non-income tax matter recorded in operating expenses within Walmart International.
Solid earnings performance
"We delivered a solid increase in earnings per share for the second quarter," said Mike Duke, Wal-Mart Stores, Inc. president and chief executive officer. "Consolidated net sales and our Walmart U.S. comp were below expectations. While the retail environment was challenging across all of our markets, the Walmart U.S. and Sam's Club businesses improved comp sales from the first quarter, and the growth of International sales was consistent.
"I'm encouraged by our position to execute in the second half of the year, particularly with the steps we're taking to improve performance," said Duke. "There are areas of our business where we can do a better job, and we will. I'm confident in our associates' abilities to deliver for our customers with EDLP and for shareholders with improved expense savings."
Net sales guidance
"The retail environment remains challenging in the U.S. and our international markets, as customers are cautious in their spending. Net sales in the first six months were below our expectations, so we are updating our forecast for net sales to grow between 2 and 3 percent for the full year versus our previous range of 5 to 6 percent," said Holley. "This revision reflects our view of current global business trends, and significant ongoing headwinds from anticipated currency exchange rate fluctuations."
"Diluted earnings per share for the third quarter of fiscal year 2014 are expected to range between $1.11 and $1.16. This compares to $1.08 per share last year," said Holley. "For the full year, we are updating our EPS guidance to range between $5.10 and $5.30 per share. This compares to our previous range of $5.20 to $5.40. This guidance takes into account the challenging sales and operating environment.
"As we've seen in the past, discrete tax items have had a meaningful impact on our effective tax rate and reported results in the back half of our fiscal years. We anticipate that a wider range of between 31 and 33 percent is now possible for our full year effective tax rate, versus our previous range of 32 to 33 percent. In addition, we believe expenses for FCPA matters and compliance programs will be between $75 and $80 million for both the third and fourth quarters."
Click here to read full results
| On 22nd May 2022
China recently cut the market-based benchmark lending rate to shore...
The Comprehensive and Progressive Agreement for Trans-Pacific...
| On 22nd May 2022
China's cross-border e-commerce has rapidly grown in the last few...
Multi-functional garments will be next big thing
Marry with brand ethos
Ensured payment of fee was least concern for students
The White Oak Legacy Foundation (WOLF) is dedicated to the history of...
Stony Creek Colors was started in 2012 to build a new future for natural...
Established in 2005 by P Manjunath, Peps is India's largest inner spring...
Garware Technical Fibres
Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...
The TWE Group is one of the leading global players in the nonwovens...
Glatfelter is a leading global supplier of engineered materials. <b>Silke...
Johnny Cirillo, renowned for his candid photography in the streets of New...
Label Archana Jaju
<b>Archana Jaju</b>’s Hyderabad-based eponymous label works with artisans...
Netflix Show - Emily In Paris
Netflix’s renowned show Emily in Paris’s costume designer Marylin Fitoussi ...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.