NEW YORK—Walmart reported a strong first quarter as the nation’s largest retailer continues to draw budget conscious consumers in a challenging economic environment.
The company, based in Bentonville, Arkansas, offered an upbeat outlook for the year.
Walmart reported net income of $1.63 billion, or 62 cents per share for the three month period ended April 30. Earnings, adjusted for non-recurring costs, came to $1.47 per share, far exceeding the per-share earnings of $1.32 that Wall Street was looking for, according to a survey by FactSet.
That compares with $141.57 billion, or 74 cents per share, in the year ago period.
Sales rose 7.6 percent to $152.3 billion, also topping estimates….