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WAL-MART Stores Inc, the world's largest retailer, lowered its full-year profit forecast yesterday after the dollar gained against other currencies, sending the shares lower in German trading.
Third-quarter net income rose 9.8 percent to US$3.14 billion, or 80 cents a share, the Bentonville, Arkansas-based company said in a statement.
Fourth-quarter earnings will be US$1.03 to US$1.07 a share, trailing analysts' estimates of US$1.11, with currency effects eroding profit by 6 cents, Wal-Mart said.
Revenue climbed 7.4 percent to US$98.6 billion. Wal-Mart's promotion of US$6.98 pepperoni pizzas and price cuts on shampoo, apples and Sanyo flat-panel televisions lured consumers battered by job losses and shrinking credit as the United States economy approaches what may be the worst recession in 30 years. Chief Executive Officer H. Lee Scott said he was "optimistic" about the holiday season.
Full-year profit will increase to US$3.42 to US$3.46 a share from US$3.16 a year earlier, Wal-Mart said. It had projected US$3.43 to US$3.50. Analysts estimated US$3.48.
Wal-Mart fell 73 cents to US$51.89 in Frankfurt. Among the Dow Jones Industrial Average's 30 stocks, only Wal-Mart is higher this year, gaining 11 percent to the index's 38 percent decline until Wednesday.
Some analysts anticipating the negative currency impact as the dollar gained against the euro and elsewhere had cut their full-year profit projections. On November 10, Charles Grom, an analyst at JPMorgan Chase & Co, lowered his estimate to US$3.50 a share from US$3.51.
Excluding some items, third-quarter profit from continuing operations was 77 cents a share. Twenty-three analysts surveyed by Bloomberg estimated profit of 76 cents.
Sales at stores open at least a year may rise by 1 to 3 percent in the fourth quarter, Wal-Mart said. Its lower prices are "more important than ever" as "our customer is feeling the pressure," the retailer said.
Best Buy Co, the largest US electronics retailer, on Wednesday, forecast a lower profit for the remainder year, citing a "seismic" shift in consumer spending.
After dropping at a 3.1-percent pace in the third quarter, US consumer spending will fall 2.9 percent this quarter and 1.3 percent in the first three months of 2009, according to a Bloomberg survey of economists. Spending, which accounts for more than two-thirds of the economy, has never dropped for three consecutive quarters in the postwar era.
Go News Center Added by: jessie Add time: 2009/12/24 16:27:53 view >>
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