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Earnings Roundup
Wal-Mart earnings rise 16 percent

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The results, released yesterday, helped by Wal-Mart's improving apparel business, were a penny a share higher than forecast by analysts surveyed by Thomson First Call.

Net sales rose 14.2 percent to $64.8 billion from $56.7 billion a year ago.

The company raised its earnings forecast for the year to $2.39 a share from $2.35. Analysts surveyed by Thomson First Call had expected Wal-Mart would earn $2.37 for the year.

Wal-Mart's chief executive and president, Lee Scott, said yesterday in a prerecorded call that he was optimistic about the rest of the fiscal year, but cautious about prices at the pump.

"Although I am concerned about high gasoline prices — which are taking more than somewhere around $7 a week out of our average customer's spendable income — I believe the growth in employment and real income will lessen the impact," he said.

Sales in U.S. stores open at least a year, considered the best measure of a retailer's health, increased 6.4 percent in the quarter, Wal-Mart said.

Wal-Mart has stores in all 50 states and Puerto Rico. It also has stores in eight foreign countries and a stake in Japanese retailer Seiyu, which has 400 stores.

Its shares rose 19 cents to close at $55.25 yesterday.

Target earnings climb 25 percent

NEW YORK — Target said yesterday its earnings jumped 25 percent to $438 million, or 48 cents per share, for the three months ended May 1, up from $349 million, or 38 cents a share, a year ago.
 
Revenue rose 12.3 percent to $11.58 billion from $10.32 billion a year ago.

Its profit beat by a penny a share the consensus of analysts surveyed by Thomson First Call.

Revenue from Target's namesake stores increased 14 percent to $10 billion as the division benefited from new stores and growth of 7.3 percent for stores open at least a year.

Mervyn's revenue and comparable-store sales both dipped 1.4 percent, with revenue of $793 million. Revenue increased 4 percent to $614 million at Marshall Field's, on comparable-store sales increases of 6.1 percent.

The company offered no update on its offer to sell its Marshall Field's and Mervyn's store divisions.

Last month, Federated Department Stores, which operates The Bon-Macy's, said it's exploring whether to buy the Marshall Field's department store group.

Shares of Target dropped $1.18, or 2.7 percent, to close at $43.17.

Dell reports 22 percent profit gain

DALLAS — Personal computer maker Dell said yesterday its profit rose 22 percent in the first quarter as its sales rose 21 percent.

Dell said it earned $731 million, or 28 cents per share, in the three months ended April 30, compared with $598 million, or 23 cents per share, a year earlier.

That matched the forecast of analysts surveyed by Thomson First Call and Dell's own prediction from last month, when the company said overseas sales were stronger than expected.

Revenue rose to $11.54 billion from $9.53 billion a year ago. That beat the company's own forecast of $11.4 billion issued last month.

The company said it expected to earn 29 cents per share in the May-July period, and it forecast second-quarter revenue to climb to $11.7 billion, up 20 percent from the same time last year.

Dell shares fell 65 cents to close at $35.80 before the release of the earnings figures. It was down another $1.06 in after-hours trading.

Compiled from The Associated Press