Wal-Mart Stores reported a roughly flat quarterly profit today as its low prices attracted shoppers amid a global economic slowdown, but the retailer's results were limited by a stronger US dollar.
The company said its profit came to $3.02 billion, or 77 cents per share, in the first quarter ended April 30, compared $3.02 billion, or 76 cents per share, a year earlier. Analysts on average had forecast earnings of 77 cents per share.
Sales were $93.471 billion, down 0.6% from last year. Net sales increased 4.5% to approximately $98.307 billion on a constant currency basis, Wal-Mart said.
Wal-Mart has been gaining market share in the recession as shoppers head to its discount stores to take advantage of low prices on necessities, like groceries and toiletries.
But it had warned that its quarterly results would be hurt by currency exchange rates, and it said today that currency exchange rates hurt earnings by roughly four cents per share.
