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Wal-mart’s net income in the first quarter increased 6.9 percent to $3.02 billion, beating estimates by 1 cent per share. Revenue rose 10 percent to $95.3 billion. Deep discounts - as high as 30 percent - helped boost first quarter profit.
Second-quarter profits are expected to be between 78 cents and 81 cents a share, the retailer said, though it pointed out that it is difficult to quantify the impact of tax-rebate payments. Wal-Mart has announced that it will cash government stimulus checks for free, with no purchase required, in the hopes that consumers will spend some of that income in its stores.
Analysts surveyed by Bloomberg estimated an average profit in the second quarter of 81 cents, Bloomberg writes.
Wal-Mart is in the third of a three-year restructuring plan that saw new store growth slow in order to focus on distribution, information systems and merchandising.
Excluding automobile purchases, retail sales in the U.S. in April increased 0.5 percent, according to the Commerce Department. That was more than twice what analysts had estimated. U.S. same-store sales are expected to be up 2 percent in May, as some consumers spend tax rebates, according to the International Council of Shopping Centers.
The U.S. economy is expected to grow at just a 0.1 percent annual rate between April and June - the slowest growth since the recession in 2001, per estimates of 54 economists.
Radio stations in the U.K. reacted with outrage when they learned of a report by researchers from the University of the West of England which accused them of promoting excessive drinking.
The study looked at 1,200 hours of radio output,…
General Motors posted sales of 308,817 vehicles in August. That’s a drop of 20 percent from August of last year - but 31 percent better than July.
In order to boost sales as much as possible during a time when…
A new digital out-of-home network to reach golfers is launching to 100 retail locations in the next two months. The network will be available in Dunham’s Sporting Goods, Golf Etc., Golf USA, Pro Golf, and ParMasters, among others.
Fox says that viewers’ attention to commercials is higher when fewer commercials are aired. The revelation comes as a result of testing the network has done for its freshman thriller, Fringe, which will premiere Sept. 9 with limited commercials and shorter…
Worldwide sales of mobile phones will reach 1.28 billion units in 2008 - up from 1.15 billion units in 2007 - an 11 percent increase from last year, according to Gartner, Inc - (via MarketingCharts).
While the mobile phone market is poised for…
Consumers in all income segments are cutting back spending, and doing so to a greater extent recently than at the beginning of the second quarter, according to a comScore study examining changes in consumer attitudes and perceptions about the U.S. economy…
