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Wal-Mart Q1 Results Summary

Tyler Durden's picture

  • Q1 revenue $99.85Bn versus Exp. of $98.44Bn
  • Sees Q2 EPS $0.93-0.98 versus Exp. of $0.98
  • Ended Q1 with negative free cash flow of approximately $1.6Bn
  • US Comp store sales for Q1 declined 1.4%
  • Total same store sales for Q1 declined 1.1% ex fuel
  • Sees Q2 WMT US comp store sales without fuel to be -2.0% to -1.0%
  • Confirming initial capital spending guidance of $13-15Bn this year
  • Q1 Sam's Club posted comparable sales increase, ex-fuel 0.7%

via RanSquawk


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Tue, 05/18/2010 - 08:37 | Link to Comment silvertrain
silvertrain's picture

 Largest Income return in history..My Wal-mart has been a ghost town over the last month with long lines at the return counter..

Tue, 05/18/2010 - 08:38 | Link to Comment Whizbang
Whizbang's picture

-1.6 billion cash flow?! Holy crap

Tue, 05/18/2010 - 09:53 | Link to Comment Cursive
Cursive's picture

Wow.  That is really bad for the retail bottom-feeder king.  I guess we can expect more layoffs, right?

Tue, 05/18/2010 - 10:06 | Link to Comment Agent P
Agent P's picture

It's FCF...CFO was positive, albeit way down from Q1'09 ($973M vs. $3.6B).  92% of the y/y CFO decline was due to inventory restocking (remember that in Q1'09 retailers were caught with their pants down with excess inventory, WMT was no exception with positive cash flow from inventory liquidations in Q1'09 & Q2'09).  Throw in capex of $2.6B for store remodelings, etc. and presto, you get negative FCF.  It's not a big deal.

Tue, 05/18/2010 - 08:45 | Link to Comment Samsonov
Samsonov's picture

Spin: Consumers, newly confident and ready to spend, return to spendthrift ways and abandon discount stores.

Tue, 05/18/2010 - 09:51 | Link to Comment Cursive
Cursive's picture

+1  They are losing customers to JWN!

Tue, 05/18/2010 - 08:48 | Link to Comment cossack55
cossack55's picture

I certainly hope this does not negatively impact my accummulation of worthless Chinese crap.

Tue, 05/18/2010 - 08:49 | Link to Comment pan-the-ist
pan-the-ist's picture

This is good news right, it's because people have started spending their money at small business ... right?  Shopping local and spending more than at Walmart to help the economy.  Sounds bullish to me ;)

Tue, 05/18/2010 - 09:03 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

Walmart is signal that the W is here..did you see those building permit #'s? feeling really good about my short ETF's.

Tue, 05/18/2010 - 09:09 | Link to Comment JohnKing
JohnKing's picture

Wal-Mart and Office Depot pretty much tell the story of US economy. Green shoots!

Tue, 05/18/2010 - 09:14 | Link to Comment trillion_dollar...
trillion_dollar_deficit's picture

TD, I think it would be interesting for you to start discussing the video game NPD data. If there's anything that throws cold water on the "retail comeback" argument its that. There's been several consecutive months of -20% to -25% declines in revenue y-o-y.

Tue, 05/18/2010 - 09:23 | Link to Comment Sniper
Sniper's picture

I don't know the video game industry that well but aren't comps volatile due to the new releases each period (GTA 4, Call of Duty, etc.)?

Tue, 05/18/2010 - 09:48 | Link to Comment trillion_dollar...
trillion_dollar_deficit's picture

True to a certain extent. But, barring the release of the games you mentioned above, the y-o-y comparisons should be relatively good.

Tue, 05/18/2010 - 10:09 | Link to Comment Mark McGoldrick
Mark McGoldrick's picture

Look at Goldman.  Ever so steadily approaching its 52 week low. 

Tue, 05/18/2010 - 10:41 | Link to Comment vote_libertaria...
vote_libertarian_party's picture

....aaaaand the buy buy buy bots love massive negative cash flow (WMT up 4%)


who du thunk it?

Tue, 05/18/2010 - 10:45 | Link to Comment Crummy
Crummy's picture

Wal-Mart's profit margin is wholly dependent on the strength of the dollar vs foreign currency and is thus equally unsound.

Tue, 05/18/2010 - 20:08 | Link to Comment Gloppie
Gloppie's picture

I noticed that Walmart has been shuffeling gondolas and offers waaayyy less choice than before. The two that I go to are usually empty with long lines because not enough registers are opened.

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