walmart losses 7.4 in 4q

[******]

ha ha ha seek an economic policy that makes the middle class their customers ha ha ha

 

[TheBrutalTruth]

Wal-Mart's 4Q earnings decline 7.4 percent

By ANNE D'INNOCENZIO
AP Retail Writer

NEW YORK — Wal-Mart Stores Inc., the world's largest retailer, said Tuesday that its fourth-quarter profit fell 7.4 percent as it was hurt by the strong dollar and a charge from settling a labor lawsuit. The company also offered a cautious first-quarter earning outlook as it grapples with the headwinds of foreign exchange rates.


But shares rose almost 3 percent as the results, excluding the charge, beat Wall Street estimates. Company officials also sounded an upbeat tone about how the discounter is performing better than its key competitors across categories from apparel to electronics.


The Bentonville, Ark.-based discounter earned $3.79 billion, or 96 cents per share in the quarter ended Jan. 31. That compares with $4.096 billion, or $1.02 per share, a year earlier.


Analysts surveyed by Thomson Reuters had expected the company to earn 99 cents per share, excluding the after-tax charge for the settlement announced in December of 63 class-action wage and hour lawsuits. Excluding the impact of that, Wal-Mart earned $1.03 per share.
Wal-Mart's company's results also beat its own forecast for earnings of 91 cents to 94 cents per share.


Total sales rose to $109.12 billion from $107.34 billion a year earlier. Analysts expected $109.1 billion. Sales at stores open at least a year rose 2.8 percent in the quarter. Same-store sales are considered a key indicator of a retailer's health.


"Our performance relative to competitors has been exceptionally strong in the fourth quarter and throughout the year," said Mike Duke, Wal-Mart's new chief executive, in a pre-recorded call to investors on Tuesday. "We finished January strong and February is off to a good start," added Duke, who succeeded Lee Scott as CEO this month.
During the quarter, Wal-Mart's U.S. sales rose 6 percent to $71.46 billion. The Sam's Club warehouse division saw sales virtually flat at $11.84 billion, as its small business members cut back on discretionary purchases amid a deteriorating economy.


Sales fell 8.4 percent to $24.7 billion at the company's important international division, hurt by the lower value of currencies against the strengthening dollar. On a constant currency basis, international sales rose 9 percent in the fourth quarter, the company said.


The company has been one of the few bright spots in retailing as it benefits from shoppers looking for cheaper options and focusing on necessities during the recession. Eduardo Castro-Wright, president and chief executive of Wal-Mart's U.S. division, said in the pre-recorded call said that traffic is up for both the fourth quarter and for the year and he believes that Wal-Mart's six merchandising units, from apparel to home furnishings, are performing better than the leading competitors in each area on a same-store basis.


Still, Wal-Mart noted shoppers' continued focus on necessities compared with discretionary items like jewelry. Castro-Wright said apparel has been a struggle, though basics and seasonal fashions continue to do well.


Last week Wal-Mart announced that it will cut up to 800 jobs at its headquarters as it makes changes, including cutting the number of new stores it will build this year. It's also cutting inventory.


Chief Financial Officer Tom Schoewe told investors Tuesday that the company now estimates capital expenditures for the current fiscal year in a range of $12.5 billion to $13.5 billion, down from a range of $13 billion to $14.5 billion offered in October.


Wal-Mart now expects earnings for the fiscal first quarter of 72 cents to 77 cents per share. Analysts project 77 cents per share. For the full fiscal year, Wal-Mart expects a profit of $3.45 per share to $3.60 per share. Analysts expect $3.59 per share.


Schoewe said the projections assume currency rates will remain about the same as they were at the end of its 2009 fiscal year — which would hurt its year-over-year comparison of fiscal 2010 earnings per share by approximately 13 cents per share.


Wal-Mart had announced in December that it will pay up to $640 million to settle 63 lawsuits over wage-and-hour violations, ending the vast majority of such cases against it. The retailer, which has more than 1.4 million employees, said how much it pays will depend on how many claims are submitted. Each settlement still must be approved by a trial court.


The company has maintained that many of the settled lawsuits were filed years ago and the allegations are not representative of the company now.


Wal-Mart's shares rose $1.32 to $47.85.
___
Copyright 2009, The Associated Press. The information contained in the AP Online news report may not be published, broadcast or redistributed without the prior written authority of The Associated Press.

The Bentonville, Ark.-based discounter earned $3.79 billion, or 96 cents per share in the quarter ended Jan. 31.


What's this about losses?

 

[medicineman]

They figure losses like Vegas figures gambling losses, not actual losses, but a % of loss on profits. There is still plenty of profit to go around. In Vegas, as soon as business drops off, the layoffs start. There are currently thousands of recently layed off workers in Vegas. As their income drops, their discretionary spending drops and a few small businesses that rely on this spending go bust. It is a snowballing effect and to reverse it takes a long time. We will see shanty towns in Vegas before this is over. I just hope I'm not living in one of them

 

[fdd2blk]

half the mall is empty. shop fronts dark and locked.

 

[TheBrutalTruth]

They figure losses like Vegas figures gambling losses, not actual losses, but a % of loss on profits. There is still plenty of profit to go around. In Vegas, as soon as business drops off, the layoffs start. There are currently thousands of recently layed off workers in Vegas. As their income drops, their discretionary spending drops and a few small businesses that rely on this spending go bust. It is a snowballing effect and to reverse it takes a long time. We will see shanty towns in Vegas before this is over. I just hope I'm not living in one of them

Despite the fact that we don't see eye to eye Medomao, I hope you're not living in one of them either.

 

[medicineman]

Despite the fact that we don't see eye to eye Medomao, I hope you're not living in one of them either.

Thanks! It could happen. We're trying to house 7 people in a 1500 sq. ft. house, and keep up the payment on it. If my wife loses her job, we're fucked, couldn't even sell the rental properties for a profit in this market. If the housing market starts to rise, we'd be alright. Refi the main residence and sell the rentals, then we could live on what our incomes would be. In two years, my wife can get her SS and then we'd be fine. I would throw my step-daughter and her boyfriend to the curb in a heart beat, but my wife can't let the grandkids go and the crazy bitch threatens to take the 2 girls with her and they would be living under a bridge in no time, So I'm stuck with her crazy ass, and let me tell you, I fucking hate it. You may see me on the 6 O'Clock news any day. They contribute nothing to the income of the house and only bring their appetites. @#$*&^(*&%!!!

 

[ViRedd]

Hey Med ...

I've got news for ya ... Vegas always was, and will forever be a Shanty Town.

The place is a fucking Hell-hole. Colder than an ice cube in winter and hotter than hell in the summer. Dirt flies everywhere, traffic is bumper to bumper, bums are all over the sidewalks ...

Hell man ... the place is beginning to look like San Francisco and/or Portland.

Vi

 

[medicineman]

Hey Med ...

I've got news for ya ... Vegas always was, and will forever be a Shanty Town.

The place is a fucking Hell-hole. Colder than an ice cube in winter and hotter than hell in the summer. Dirt flies everywhere, traffic is bumper to bumper, bums are all over the sidewalks ...

Hell man ... the place is beginning to look like San Francisco and/or Portland.

Vi

It's really not that bad VI. There are parts that are shitholes. Vegas was not structured in its growth. Developers ran the town for the last 40 years. wherever they wanted to build was AOK with the city council, they were all being bribed, Hell our current mayor was a Mob Lawyer for years before he got the mayor gig. I live in a nice middle class neighborhood that was once considered upper middle class. Hell, Harry Reid lived on the Corner of my Cul-de-sac before he made it big, Now with the invasion of illegals and the migration of original owners to the newer part of town, it has become a barrio of sorts, still I have a huge yard, RV parking, and a huge swimming pool, a must for summers in Vegas. If the market comes back a little and my wifes job holds out for a couple of years, I'll be just fine, It's those Ifs that make life interesting.

 

[ViRedd]

It's really not that bad VI. There are parts that are shitholes. Vegas was not structured in its growth. Developers ran the town for the last 40 years. wherever they wanted to build was AOK with the city council

I hear you on that, Med 'O Mao. That's exactly why the traffic doesn't flow smoothly. Honestly, everything I hate about Las Vegas are the very same things I hate about the San Fernando Valley.

You remember the Valley, I'm sure. Totally unorganized growth. And today, the Valley looks like a third-world country.

You live on the North end of LV, right? Kinda like where we met, right? Hell man ... that's what North Hollywood looks and feels like. Not safe at night for sure.

Vi

PS: If you promise to leave the guns at home, maybe we can hook up again this coming January. I'll be up for the CES again. You're turn to buy, fucker.

 

[max420thc]

i like the desert..i love the great outdoors.gods country.i like to visit vegas .it is fun.lots to do.other than gamble.
im not much of a gambler.well anyhow the motorcycle riding season is alot longer in the desert.and dirt bikes dune buggys fishing .hell right up at lake mead is some good fishing.
i do prefer st george utah to las vegas.but hey.vegas is fun.
i wouldnt ever send any of my kids to public schools in vegas.they are GARBAGE.

 

[fdd2blk]

i like the desert..i love the great outdoors.gods country.i like to visit vegas .it is fun.lots to do.other than gamble.
im not much of a gambler.well anyhow the motorcycle riding season is alot longer in the desert.and dirt bikes dune buggys fishing .hell right up at lake mead is some good fishing.
i do prefer st george utah to las vegas.but hey.vegas is fun.
i wouldnt ever send any of my kids to public schools in vegas.they are GARBAGE.

is this your facebook profile?

 

[fdd2blk]

I hear you on that, Med 'O Mao. That's exactly why the traffic doesn't flow smoothly. Honestly, everything I hate about Las Vegas are the very same things I hate about the San Fernando Valley.

You remember the Valley, I'm sure. Totally unorganized growth. And today, the Valley looks like a third-world country.

You live on the North end of LV, right? Kinda like where we met, right? Hell man ... that's what North Hollywood looks and feels like. Not safe at night for sure.

Vi

PS: If you promise to leave the guns at home, maybe we can hook up again this coming January. I'll be up for the CES again. You're turn to buy, fucker.

rolli has been wanting to meet a few of us there as well. we should have a "get together".

 

[******]

The Bentonville, Ark.-based discounter earned $3.79 billion, or 96 cents per share in the quarter ended Jan. 31.


What's this about losses?

it's still not how much they wanted

 

[TheBrutalTruth]

it's still not how much they wanted

So they're starting to adopt the Federal Government's way of expensing things by writing off declines in revenue as "expenses?"

Like tax cuts, which are now an "Expense" and "cost" the government money?

 

[******]

So they're starting to adopt the Federal Government's way of expensing things by writing off declines in revenue as "expenses?"

Like tax cuts, which are now an "Expense" and "cost" the government money?

yep******************

 

[ViRedd]

rolli has been wanting to meet a few of us there as well. we should have a "get together".

Are you going to the CES in January fdd? If so ... we can hook up. Med's turn to buy.

Hey Med ... how about dinner at Roma Deli? Damn, their food is good!

Vi

 

[misshestermoffitt]

You know people are broke when they can't even shop at walmart......... I wonder if the government is hearing any bells ring on this one?

Yes FDD, our malls are looking sadder all the time. They're getting close to 1/2 empty, I bet the property owners are shitting bricks about now.