Wal-Mart lowers 2Q profit by $153M |
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Published
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Tue, 11 Sep 2007 00:11
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BENTONVILLE, Ark. (AP) - Wal-Mart Stores Inc. reduced its reported second-quarter profit by $153 million due to expenses from selling its German retail operations, the world's largest retailer reported Monday.In a regulatory filing, Wal-Mart said the added cost reduced its earnings per share for the quarter that ended July 31 to 72 cents from the 76 cents it originally reported Aug. 14. That compares with 50 cents per share in the year-ago quarter.Wal-Mart said the late charge came after are cent nonbinding discussions with Metro at the end of August 2007.' Germany's Metro AG agreed last year to buy Wal-Mart's German operations.Wal-Mart called the new charge a 'post-closing adjustment.'Metro bought Wal-Mart's 85 sites in Germany last year for an undisclosed sum as Wal-Mart quit Germany and South Korea after losses in both markets.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Wal-Mart lowers reported 2Q profit 