Wal-Mart Stores reported a profit for the third-quarter that declined 8.2 percent from the prior year, while quarterly total revenue increased 0.7%.
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Currency negatively impacted earnings per share by approximately $0.03. Walmart U.S. comp sales increased 1.2%, driven by a traffic increase of 0.7%. It raised profit outlook for fiscal-year 2017.
In the pre-Market trade, WMT is currently trading at $69.21, down $2.18 or 3.05 percent.
The company now expects GAAP earnings per share for fiscal-year 2017 to be in the range of $4.34 to $4.49, compared to the prior estimation of $4.29 to $4.49 per share.
The company projects adjusted earnings per share for fiscal-year 2017 to be in the range of $4.20 to $4.35 compared to the prior outlook of $4.15 to $4.35. Wall Street currently is looking for fiscal year 2017 earnings of $4.34 per share.
Looking ahead for the 13-week period ending January 27, 2017, the company anticipates Walmart U.S. comp sales to increase between 1.0 percent and 1.5 percent; Sam's Club comp sales, excluding fuel, to increase 1.0 percent to 1.5 percent.
Consolidated net income attributable to the company for the third-quarter declined 8.2 percent to $3.03 billion from the prior year's $3.30 billion, with earnings per share decreasing 4.9 percent to $0.98 from $1.03 last year. Currency negatively impacted earnings per share by approximately $0.03. Analysts polled by Thomson Reuters expected the company to report earnings of $0.96 per share for the third-quarter. Analysts' estimates typically exclude special items.
Consolidated operating income decreased 10.4%. Investments in people and technology, as well as currency exchange rate fluctuations negatively impacted results. Excluding last year's lease accounting benefit of $156 million, operating income decreased 7.9%.
Total revenue for the quarter was $118.18 billion, an increase of 0.7% from $117.41 billion in the prior year quarter. On a constant currency basis, total revenue was $120.3 billion, an increase of 2.5%. Wall Street expected revenues of $118.69 billion for the quarter.
Walmart U.S. comp sales increased 1.2%, driven by a traffic increase of 0.7%. Neighborhood Market comp sales increased approximately 5.2%.
Net sales at Walmart International were $28.4 billion, a decrease of 4.8%. Excluding currency impacts, net sales were $30.5 billion, an increase of 2.4%.
Globally, on a constant currency basis, e-commerce sales and GMV increased 20.6% and 16.8%, respectively, representing continued acceleration. Excluding Yihaodian, GMV increased 28.6%. ■