Wal-Mart sees gain after earnings report
Wal-Mart gained after the retailing giant's s fourth-quarter profit increased. Wal-Mart closed at $70.40 on Friday, up 1.7 percent for the week.
The nation's largest retailer, based in Bentonville, Ark., reported net income for the quarter ending Jan. 31 totaled $5.6 billion, up 8.6 percent from $5.16 billion a year earlier.
Net sales increased 3.9 percent to $127.1 billion, short of analysts' prediction of $127.8 billion.
The company provided a restrained forecast as its core lower- to lower-middle-income customers face shrinking paychecks from high fuel prices, the restoration of a Social Security payroll tax and delayed refunds on their income taxes.
Sales at stores open at least a year posted gains of 1.2 percent, less than the 1.5 percent expected by analysts.
Bloomberg News caused a stir Feb. 15 when it leaked an email from a Wal-Mart executive describing sales during the first two weeks of February as "a total disaster."
Wal-Mart has a distribution center in Monroe County, three retail stores in Luzerne County, two each in Lackawanna and Monroe counties and one each in Wayne and Wyoming counties.