Walmart closes out ‘difficult' quarter
HTT Staff -- Home Textiles Today, 5/16/2013 11:51:27 AM
Bentonville, Ark. - Walmart cited unseasonably cool weather and delayed tax refunds for its underperformance during the first quarter.
At U.S. Walmart stores, the home department's same-store sales were down in the mid single-digits, primarily due to soft sales in outdoor living merchandise. At Sam's Club, home was also down, although domestics and mattresses saw modest gains, executives said during the company's quarterly conference call today.
"Frankly, we had a more difficult quarter than expected when we announced our guidance in February. It's important to note that Walmart U.S. continued to gain market share across several key categories," said Mike Duke, president and ceo of Wal-Mart Stores Inc.
For the quarter ended April 30, net income rose 1.1% to $3.78 billion, or $1.14 per share. Total revenues rose 1.0% to $114.2 billion.
Comps at Walmart U.S., excluding fuel, declined 1.4%. Same-store sales at Sam's Club ticked up 0.2%.
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