Wal-Mart
Growing overseas business and strict cost controls helped the world’s largest retailer’s net income rise 3 percent in the first quarter, beating Wall Street expectations.
But its U.S. stores posted their eighth consecutive quarter of revenue declines at stores open at least a year compared with the same quarter a year earlier. That’s a key measure of a retailer’s health.
Wal-Mart reported net income of $3.39 billion, 97 cents per share, in the three months that ended April 30. That compares with $3.3 billion, 87 cents per share, in the same period last year. Revenue, excluding revenue from membership fees at Sam’s Club warehouse stores, rose 4.4 percent to $103.41 billion.
Hewlett-Packard
After a leaked memo from chief executive Leo Apotheker warned of a rough path ahead, the tech giant cut its full-year outlook, citing a trifecta of woes that include the earthquake in Japan, soft PC sales and weakening performance in its crucial tech-services business.
HP reported earnings of $2.3 billion, $1.05 per share, for the three months that ended April 30. That’s up from $2.2 billion, 91 cents per share, in the same time last year. Revenue climbed 3 percent to $31.63 billion.
Excluding special items, HP earned $1.24 per share in the fiscal second quarter, ahead of the $1.21 per share that analysts polled by FactSet were expecting.
Dell
First-quarter profit topped estimates, bolstered by corporate technology spending.
Net income rose to $945 million, 49 cents a share, from $341 million, 17 cents, a year earlier, the company said Tuesday in a statement. Sales last quarter rose less than 1 percent to $15 billion.
Excluding certain costs, earnings were 55 cents per share in the period, which ended April 29. Analysts had estimated 43 cents on average, according to data compiled by Bloomberg.
Home Depot
Net income rose 12 percent to $812 million, 50 cents per share, up from $725 million, 43 cents per share, a year earlier. Revenue edged down 0.2 percent to $16.82 billion. That beat the 49 cents per share that analysts surveyed by FactSet had expected on average.
Saks
First-quarter net income rose 51 percent from a year ago, and the company said the results signal the return of luxury spending.
Saks said it earned $28.4 million, 16 cents per share, up from $18.8 million, 11 cents per share, in 2010’s first quarter.
But revenue rose more slowly, by 9 percent, to $726 million. The company said revenue at stores open at least a year increased 10.2 percent.
TJX
Closing all its A.J. Wright stores and reopening many as TJMaxx, Marshalls and HomeGoods stores pulled net income down 20 percent in the first quarter. But customer traffic improved overall as shoppers sought bargains, the company said Tuesday.
TJX earned $266 million, 67 cents per share, for the period that ended April 30. That’s down from $331.4 million, 80 cents per share, a year earlier, when the company had more shares outstanding. The discounter’s revenue increased 4 percent to $5.22 billion.
