First-quarter results mixed

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Friday, May 13, 2005 | 9:17 a.m.

NEW YORK -- Wal-Mart Stores Inc., struggling with higher gasoline prices and slippage in its leadership in the retail industry, reported lower-than-expected first-quarter earnings Thursday and offered a disappointing profit outlook.

Discount rival Target Corp. first-quarter results exceeded expectations.

Target enjoyed a 15 percent profit increase that slightly was ahead of Wall Street projections.Wal-Mart reported a 14 percent increase in first-quarter earnings, missing Wall Street forecasts by 2 cents a share.

Shares of Wal-Mart fell just over 2 percent in early afternoon trading, while Target rose more than 2 percent.