Wal-Mart reports flat 1st-quarter profit, revenue hurt by stronger dollar

Wal-Mart reports flat 1st-quarter profit

LITTLE ROCK, Ark. — Wal-Mart Stores Inc. is reporting a flat first-quarter profit as revenue was hurt by the stronger dollar.

The world’s largest retailer said Thursday that it earned $3.02 billion, or 77 cents per share, for the period ended April 30. That was flat from a year earlier. Revenue fell 0.6 percent to $93.47 billion, from $94.04 billion a year earlier.

Wal-Mart said earnings were hurt by 4 cents per share because of currency exchange rates. Without the that impact, the company said sales would have increased 4.5 percent to $98.31.

Analysts were expecting 77 cents per share on revenues of $96.37 billion.

Wal-Mart has been doing better in the recession than many other retailers as its focus on low prices and the shift in merchandise it offers came together as the economy soured.