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Earnings mixed for retailers

Tuesday, May 15, 2001 | 10:47 a.m.

Wal-Mart Stores Inc.'s fiscal first-quarter profit rose 4.1 percent as low prices and an expanded selection of groceries attracted shoppers and helped protect the biggest retailer from the slowing U.S. economy.

Net income in the quarter ended April 30 rose to $1.38 billion, or 31 cents a share, from $1.33 billion, or 30 cents, a year ago, Wal-Mart said today. Sales rose 12 percent to $48.1 billion.

Separately, Home Depot reported first-quarter net income that was essentially flat and sales that rose modestly from the same period last year. The world's largest home-improvement retailer said net income was $632 million, or 27 cents per share, up 0.4 percent from $629 million, or 27 cents a share, in the first quarter of 2000.

And J.C. Penney, the nation's No. 5 retailer, said the slowing economy hurt its results. Penney earned $41 million or 13 cents a share vs. a loss of $118 million or 63 cents in the year-ago quarter, when the firm took $324 million in restructuring charges.

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