NEW YORK (AP) – Wal-Mart is reporting an 8 percent decline in fourth-quarter earnings as the retailer prunes its global footprint.
Wal-Mart, based in Bentonville, Arkansas, earned $4.57 billion, or $1.43 per share in the three-month period ended Jan. 31. That compares with $4.97 billion, or $1.53 per share, in the year ago period.
On an adjusted basis, the figure was $1.49, higher than the $1.46 per share estimated by FactSet.
The company’s revenue of $128.6 billion is short of the $130.5 billion that Wall Street was looking for, according to FactSet, and shares tumbled 5 percent before the opening bell.
Wal-Mart Stores Inc. is trying to fend off competition on all fronts, including online leader Amazon.com.