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News Summary: Wal-Mart's 1Q results disappoint

NEW YORK (AP) -- MISSED TARGETS: Wal-Mart said Thursday that its first-quarter net income edged up 1 percent to $3.78 billion, or $1.14 per share. Sales rose 1 percent to $113.43 billion. The results fell short of Wall Street expectations for earnings of $1.15 per share on sales of $115.78 billion.

BEHIND THE QUARTER: The company, based in Bentonville, Ark., blamed a payroll tax increase, delayed tax refunds and bad weather for the shortfall.

WHAT'S NEXT: Wal-Mart says it expects earnings per share to range from $1.22 to $1.27 in the current quarter. Analysts had expected $1.29 per share.