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Wal-Mart beats Street 1Q forecasts

FILE - In this June 4, 2015, file photo, a shopper checks out at a Wal-Mart Neighborhood Market store in Bentonville, Ark. On Thursday, May 19, 2016, Wal-Mart Stores Inc. reports financial results. (AP Photo/Danny Johnston, File) FILE - In this June 4, 2015, file photo, a shopper checks out at a Wal-Mart Neighborhood Market store in Bentonville, Ark. On Thursday, May 19, 2016, Wal-Mart Stores Inc. reports financial results. (AP Photo/Danny Johnston, File)

By Associated Press May 19, 2016 1 min read

BENTONVILLE, Ark. (AP) – Wal-Mart Stores Inc. (WMT) on Thursday reported fiscal first-quarter profit of $3.08 billion.

The Bentonville, Arkansas-based company said it had net income of 98 cents per share.

The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.

The world’s largest retailer posted revenue of $115.9 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $112.67 billion.

Wal-Mart shares have increased 3 percent since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has decreased 21 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WMT at http://www.zacks.com/ap/WMT

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Keywords: Wal-Mart Stores, Earnings Report, Priority Earnings