Wal-Mart Lowers Outlook, Shares Fall
Wal-Mart Stores reported net sales for the five-week period ending April 1, 2005, and April 2, 2004.
With two months completed in the fiscal quarter, the company estimates earnings will come in around the low end of its previous estimate of $0.56 to $0.58 per share. Given the shift in Easter and the unseasonable weather, it now estimates comparable sales in the U.S. for the April period to be in the 0 to 2% range. For the retail quarter, the company expects comparable sales to be at the low end of its previous guidance of 3 to 5%.
Wal-Mart Shares went down 1.5%.
According to a Reuters article, “On the Inet electronic brokerage network, the stock was off 75 cents at $48.75 after closing Wednesday at $49.50 on the New York Stock Exchange.”
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