Investing.com - Dow component Wal-Mart reported lower-than-expected first quarter earnings and revenue figures early on Thursday, sending its shares lower in pre-market trade.
U.S. retail giant Wal-Mart said earnings per share came in at $1.10 in the first three months of 2014, below expectations for earnings of $1.15 per share. Severe weather in the U.S. businesses negatively impacted EPS by approximately $0.03.
The company’s first quarter revenue totaled $114.96 billion, missing forecasts for revenue of $116.3 billion.
Wal-Mart U.S. comp sales were relatively flat as expected, down 8 basis points for the 13-week period ended May 2, 2014. Severe weather adversely impacted comp sales by approximately 20 basis points.
Wal-Mart forecast second quarter earnings per share in a range between $1.15 and $1.25, compared to expectations for earnings of $1.28 per share.
"Wal-Mart''s first quarter net sales increased 0.8 percent over last year. Like other retailers in the United States, the unseasonably cold and disruptive weather negatively impacted U.S. sales and drove operating expenses higher than expected," said Doug McMillon, Wal-Mart Stores, Inc. president and chief executive officer.
Following the release of the report, Wal-Mart (NYSE:WMT) shares declined 2.5% in pre-market trade.
Meanwhile, U.S. stock futures pointed to a mixed open. The Dow pointed to a loss of 0.1% at the open, S&P 500 dipped 0.1%, while the Nasdaq 100 added 0.1%.
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