Wal-Mart on Tuesday reported net income in the first quarter down from the same period a year earlier.
The world's largest retailer said consolidated net income attributable to Wal-Mart was about $3.34 billion, a 7 percent decline from $3.59 billion in last year's opening quarter. Diluted net income per common share attributable to Wal-Mart was $1.03, down 7.2 percent from $1.11.
President and CEO Doug McMillon called it a "solid first quarter."
"We took some important strategic steps to strengthen the foundation of our business for the future," he said in a news release. "We need to continue to get better at consistently running great stores, clubs and e-commerce everywhere we operate ... and we are."
Revenue was down slightly, from $115 billion in last year's first quarter to $114.8 billion this year, and operating income fell 8.3 percent from $6.2 billion to $5.7 billion. Net sales at U.S. stores increased 3.5 percent from $67.9 billion to $70.2 billion, and sales at comparable U.S. stores were up 1.1. percent, the retailer said. Global e-commerce sales were also reported up 17 percent.
Executives discussed the results in a recorded call available by calling (877) 523-5612 and using passcode 9256278 or by visiting stock.walmart.com.