Walmart Earnings & Revs Miss Estimate - Analyst Blog
2013年5月16日 - 6:04PM
Zacks
The world’s largest retailer, Wal-Mart Stores,
Inc. (WMT) reported fiscal first quarter 2014 earnings of
$1.14 per share, missing the Zacks Consensus Estimate of $1.15 per
share by 0.9%. Earnings were up 4.6% from the prior-year quarter
earnings of $1.09 per share.
The first quarter fiscal 2014 results were within the company’s
earnings guidance range of $1.11 to $1.16 per share. Top-line
growth coupled with cost savings boosted earnings in the
quarter.
Total revenue climbed 1.0% to $114.2 billion (including
membership and other income), missing the Zacks Consensus Estimate
of $116.6 billion. Membership and other income increased 1.6% on a
year-over-year basis, driven by an increase in membership
income.
Net revenue, excluding currency impact of $1 billion and
membership income of $0.8 billion, increased 1.8% to $114.2
billion. Total e-commerce sales also grew more than 30% in the
first quarter.
Consolidated operating income increased 1.1% to $6.46 billion,
driven by productivity improvements. On a constant currency basis,
operating income increased 1.6% to $6.49 billion.
Segment Details
Walmart U.S.: The segment posted net sales
growth of 0.3% to $66.6 billion in the quarter, including the
impact of fuel sales. Operating income increased 5.9% to $5.3
billion.
U.S. same-store sales declined 1.4% compared to 2.6% growth in
the prior-year quarter due to a delay in tax refund checks,
challenging weather conditions and the payroll tax increase. Comp
traffic declined while average ticket increased in the quarter.
Walmart International: Segment net sales,
including fuel sales, increased 2.9% to $33.0 billion. Excluding
currency headwinds, international sales increased 5.4% to $33.8
billion. Walmart’s stores in the U.K., Africa, Mexico, Central
America, Brazil, Chile, Argentina, China and India delivered
positive comp sales in the quarter, while comps in Japan and Canada
declined. Operating income declined 4.7% to $1.3 billion.
Sam’s Club: The segment, which comprises
membership warehouse clubs, posted net sales growth, including fuel
impact, of 0.1% to $13.9 billion. Net sales, excluding fuel impact,
increased 0.5% to $12.2 billion. Sam’s Club operating income grew
7.4% to $0.5 billion in the quarter.
Sam’s Club's comparable sales, excluding the impact of fuel
sales, increased 0.2% in the quarter, driven by positive traffic
and partially offset by decline in average ticket. The same-store
sales growth was within the guidance range of flat to 2.0%.
The company had posted comp sales growth of 5.3% in the
prior-year quarter. Including the impact of fuel sales, Sam’s Club
comp sales declined 0.2% compared to growth of 6.2% in the
prior-year quarter due to unfavorable weather conditions.
Other Financial Update
During the quarter, the company repurchased 30 million shares
worth approximately $2.2 billion. In addition, the company paid
$1.6 billion in dividends for the quarter. The company had
previously announced an increase of 18% in fiscal 2014 dividend to
$1.88 per share over last year's dividend of $1.59 per share.
Guidance
For the second quarter of fiscal 2014, Walmart expects its
earnings to range between $1.22 and $1.27 per share, taking into
account the impact of its e-commerce initiatives. The guidance is
also up from $1.18 per share earned in the second quarter of fiscal
2013.
Walmart expects U.S. comp sales to increase flat to 2% for the
13-week period ending July 26. Sam’s Club comp sales growth,
without the impact of fuel sales, is expected to increase from 1%
to 3.0% for this 13-week period.
Walmart continues to focus on improving its U.S. and
International segments. In addition, the company is focused on
reducing its operating expenses in fiscal 2014, which in turn will
increase its productivity. However, the company expects a decline
in consumer spending going ahead as middle-class consumers struggle
to cope with rising gas prices, delayed income tax refunds and
higher payroll taxes.
Walmart holds a Zacks Rank #3 (Hold). Retail and wholesale
stocks that are presently doing favorable business include
The Kroger Co (KR), Harris Teeter
Supermarkets Inc (HTSI), TJX Companies
Inc. (TJX), all of which carry a Zacks Rank #2 (Buy).
HARRIS TEETER (HTSI): Free Stock Analysis Report
KROGER CO (KR): Free Stock Analysis Report
TJX COS INC NEW (TJX): Free Stock Analysis Report
WAL-MART STORES (WMT): Free Stock Analysis Report
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