No. 1 retailer posts earnings above forecasts despite sales that missed internal target.
August 12, 2004: 7:35 AM EDT
NEW YORK (CNN/Money) - Wal-Mart Stores Inc. reported record second-quarter earnings Thursday that were slightly better than Wall Street forecasts and the store nudged its full-year earnings guidance slightly higher.
The world's largest retailer earned $2.7 billion, or 62 cents per share, in the period ended July 31. That's up from $2.3 billion, or 52 cents per share, a year earlier.
Analysts surveyed by earnings tracker First Call forecast earnings per share of 61 cents a share.
Wal-Mart had forecast earnings per share of 60 to 62 cents and hit the high end of the target despite sales somewhat less than the company's internal target, CEO Lee Scott said in a recorded message.
Sales rose to a record $69.7 billion, up 11.3 percent from year-earlier sales. Sales at U.S. stores open at least a year, a closely watched retail measure known as same-store or comp sales, were up 4.1 percent. That was off of the same-store sales growth it saw in the first quarter, but Scott said that the comparisons were hurt by the tax cuts that helped spur spending in the year-earlier period. The company said it expects third quarter same-store sales to be up in the 3 to 5 percent range.
The company also said it expects third-quarter earnings per share from continuing operations of 52 to 54 cents, up from 46 cents a year earlier. First Call's third-quarter EPS consensus forecast is 53 cents, with a range of estimates from 50 to 55 cents.
The company also raised its full-year EPS guidance to between $2.36 to $2.40, up 1 cent from its earlier guidance range. First Call's forecast is for full-year EPS of $2.38.
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