Wal-Mart profit misses Street as US sales weak

Wal-Mart Stores Inc's quarterly profit just missed Wall Street expectations on Thursday, with sales down 1.4 percent at its Walmart US stores open at least a year.

The world's largest retailer said US sales suffered from a delay in income tax refund checks, cool weather, less grocery inflation than expected, and the payroll tax increase.

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Shares of Wal-Mart fell 2.3 percent in premarket trading to USD 78. The stock had hit a new high of USD 79.96 on Wednesday.

Wal-Mart earned USD 3.78 billion, or USD 1.14 per share, in the first quarter ended on April 30, up from USD 13.74 billion, or USD 1.09 per share, a year earlier.

The analysts' average forecast was USD 1.15 per share, according to Thomson Reuters I/B/E/S. In February, Wal-Mart had forecast a profit of USD 1.11 to USD 1.16 per share.

First-quarter revenue rose 1 percent to USD 114.19 billion.

Same-store sales at Walmart US fell 1.4 percent, while the company had earlier expected such sales to be about flat. Visits to Walmart US stores open at least a year fell 1.8 percent, while the average amount spent per visit rose 0.4 percent.

Wal-Mart forecast earnings of USD 1.22 to USD 1.27 per share for the current second quarter, up from USD 1.18 a year earlier.

The company said it expected second-quarter same-store sales, excluding those of fuel, to be flat to up 2 percent at Walmart US and up 1 percent to 3 percent at its Sam's Club warehouse store chain.