Wal-Mart’s 1Q earnings up 3 pct, powered by overseas stores; US Walmart sales still weak
NEW YORK - Rising gas prices are adding another obstacle to Wal-Mart Stores Inc.’s campaign to reverse a two-year U.S. sales slump.
Strong overseas revenue, growth at Sam’s Club and Wal-Mart’s specialty - cost-cutting - pushed the world’s largest retailer’s net income up 3 percent in the first quarter, beating Wall Street expectations.
But business at home is still soft. Wal-Mart says it is seeing some improvements but needs more time to see whether hammering its low-price message and restocking items it had scrapped can turn around sales.
Wal-Mart offered a cautious second-quarter earnings... read more
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