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Wal-Mart’s Q1 sales, profit disappoints; issues tepid Q2 outlook
Bentonville, Ark. -- Wal-Mart Stores on Thursday reported profit and sales that were just below Wall Street expectations as the giant retailer struggled with a number of issues that impacted its U.S. sales, from the payroll tax increase to an unseasonably cold spring to delayed tax returns. The discounter also scaled back its earnings expectations for the current three-month period.
Wal-Mart’s net income rose 1.1% to $3.8 billion. Revenue edged up 1%, to $113.4 billion.
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Walmart exceeds $1 billion in philanthropic giving
Bentonville, Ark. -- For the first time in the retailer’s history, Wal-Mart Stores Inc. said that, through Walmart and the Walmart Foundation, it has given more than $1 billion in cash and in-kind contributions.
The Monday announcement makes Walmart the first U.S. retailer to achieve the $1 billion in giving mark, up from $872.7 million last year. The growth in global giving was largely due to increased in-kind donations in the U.S. to local food banks and families impacted by disasters.