CNN/Money  
graphic
News > Companies
graphic
Wal-Mart tops forecasts
No. 1 retailer overcomes sluggish sales growth to post 14 percent rise in fourth-quarter earnings.
February 18, 2003: 4:53 PM EST

NEW YORK (CNN/Money) - Wal-Mart Stores Inc. reported Tuesday its fiscal fourth-quarter profits rose 14 percent to a record, topping Wall Street forecasts despite disappointing holiday sales.

The world's largest retailer said it earned $2.5 billion, or 57 cents a share, in the quarter ended Jan. 31, up from $2.2 billion, or 49 cents, a year earlier. Analysts surveyed by earnings tracker First Call had a consensus forecast of 56 cents.

Total sales rose 10.7 percent to $71.1 billion from $64.2 billion, missing First Call's forecast of $71.5 billion.

Sales at stores open at least a year, a closely watched measure known as same-store sales, gained 2.7 percent. The company previously said holiday same-store sales came in lower than its earlier forecasts of a 3 to 5 percent gain.

Chief Financial Officer Tom Schoewe said the company should be able to earn between 40 and 42 cents a share in the first quarter, and $2.00 and $2.05 a share for the current fiscal year.

While that's at or slightly below the First Call consensus forecasts of 42 cents for the quarter and $2.05 for the year, the company said its guidance includes some charges not included in current forecasts, such as expensing stock options, which should lower EPS by 2 or 3 cents for the year, and a change in accounting for leases. Schoewe said excluding those charges, the company is comfortable it should be able to meet current forecasts.

Shares of Wal-Mart (WMT: Research, Estimates), a component of the Dow Jones industrial average, finished 7 cents lower at $49.08 on Tuesday after the report. That comes after a gain of $1.51 to $49.15 Friday, ahead of the three-day weekend in the United States for Presidents Day.  Top of page




  More on NEWS
Black Friday deals are already here
Drones are almost crashing into planes
Elizabeth Warren calls out Obama on nominee
  TODAY'S TOP STORIES
Drones are almost crashing into planes
Warren calls out Obama on nominee
Jets that fly from NY to LA in 2.5 hrs




graphic graphic

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.