Wal-Mart outlook guarded
-- Home Textiles Today, 2/18/2010 1:37:00 PM
Bentonville, Ark. – Citing a soft global economy and price deflation, Wal-Mart Stores Inc. offered measured guidance for the first quarter and full fiscal year.
The company expects retail comps to be flat at both Walmart U.S. and Sam’s Club. It forecast earnings per share of 81 cents to 85 cents.
“The economy remains challenging for many of our customers around the world. Unemployment is forecasted to be higher this year than the last three years in many of our countries,” said Mike Duke, president and ceo, Wal-Mart Stores Inc. “We expect first quarter sales in the U.S. will be difficult, as we cycle through strong year-over-year comparisons and deflation. We remain very focused on growing top line sales, and we believe we will see more improvement as the year progresses.”
For the year, Walmart U.S. projected a 3.6% comp increase and Sam’s Club expects comparable club sales without fuel to climb 4.2%.
The company is projecting diluted earnings per share from continuing operations attributable to Walmart for the year to be between $3.90 and $4.00.
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