Wal-Mart reported first-quarter earnings Tuesday morning, and it was a miss on the top and bottom lines.
The world's largest retailer reported first-quarter diluted earnings per share of $1.03, missing expectations for $1.05, according to Bloomberg. It noted that the impact of foreign currency erased 3¢ per share from its earnings.
The company posted revenues of $114.88 billion, below the consensus forecast for $116.23 billion. Excluding the FX impact of $3.3 billion, revenues rose 2.7% from the previous year.
"We had a solid first quarter," CEO Doug McMillon wrote in the release. "We took some important strategic steps to strengthen the foundation of our business for the future. We need to continue to get better at consistently running great stores, clubs and e-commerce everywhere ... and we are."
Comparable-store sales rose 1.1%, versus prior guidance of 1% to 2% and the estimate for 1.5%.
The stock fell by as much as 2% in premarket trading.
The company said it expected second-quarter earnings per share of between $1.06 and $1.18.
And last week, Wal-Mart confirmed that it was planning a subscription service for fast shipping to compete with Amazon Prime. Amazon's offering costs $99 per year, and Wal-Mart's will be cheaper, at $50 annually, though it will not include free music and video streaming at first.
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