NEW YORK (AP) — Wal-Mart Stores Inc. is reporting a 3 percent increase in first-quarter net income, beating Wall Street expectations because of robust international business and cost controls.
But the world's largest retailer's U.S. Walmart stores posted its eight straight quarter of shrinking revenue at stores open at least a year. That's a key measure of a retailer's health.
Wal-Mart says it earned $3.39 billion, or 97 cents per share in the three months ended April 30. That compares with $3.3 billion, or 87 cents per share, in the same period last year.
Revenue, excluding revenue from membership fees from Sam's Club warehouse stores, rose 4.4 percent to $103.41 billion.
Analysts expected earnings of 95 cents on revenue of $102.76 billion, according to FactSet.