LITTLE ROCK, ARK. — Wal-Mart Stores Inc. reported a flat first-quarter profit Thursday as revenue from its huge international operations was hurt by the stronger dollar.
The world's largest retailer earned $3.02 billion, or 77 cents a share, for the period ended April 30. That was flat from a year earlier. Revenue fell 0.6% to $93.47 billion.
The results met the expectations of analysts surveyed by Thomson Reuters, who projected profit of 77 cents a share on revenue of $96.37 billion.
Wal-Mart said earnings were hurt by 4 cents a share because of currency exchange rates. Without that, the Bentonville, Ark., company said, sales would have risen 4.5% to $98.31 billion. Accenting the company's exposure to currency fluctuations, nearly a quarter of Wal-Mart's sales for the quarter -- 22.7% -- came from its international division.