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Wal-Mart Posts 21% Profit Drop

|Includes:Wal-Mart Stores, Inc. (WMT)

Originally published at

Wal-Mart Stores Inc. (NYSE:WMT) announced its fourth quarter financial results for the 2013 fiscal year, posting profits that dropped 21% from a year ago. Earnings were $4.4B and $1.34 per share, down from the $1.67 per share the year-ago quarter. Annual earnings per share fell from $5.01 last year to $4.85 this year, missing analyst $5.11 per share estimates. CEO Doug McMillion commented that the company is going to focus on store sales while maintaining vigilance of its expenses. Wal-Mart has faced some competition for its market share from discount dollar stores and the grocery chain Kroger, which have been appealing to some consumers for ease of access into and out of the store. Analysts comment that people see the convenience as more appealing whereas it takes several minutes to walk in to Wal-Mart, checkout, and return to the vehicle. Wal-Mart's Board of Directors approved a 2% increase to the annual cash dividend in the 2015 fiscal year to $1.92 per share, paid each quarter at $0.48 per share.

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Stocks: WMT