The world’s largest retailer said U.S. sales suffered from a delay in income tax refund checks, cool weather, less grocery inflation than expected, and the payroll tax increase.
Shares of Wal-Mart fell 2.3 percent in premarket trading to $78. The stock had hit a new high of $79.96 on Wednesday.
Wal-Mart earned $3.78 billion, or $1.14 per share, in the first quarter ended on April 30, up from $3.74 billion, or $1.09 per share, a year earlier.
The analysts’ average forecast was $1.15 per share, according to Thomson Reuters I/B/E/S. In February, Wal-Mart had forecast a profit of $1.11 to $1.16 per share.
First-quarter revenue rose 1 percent to $114.19 billion.
Same-store sales at Walmart U.S. fell 1.4 percent, while the company had earlier expected such sales to be about flat. Visits to Walmart U.S. stores open at least a year fell 1.8 percent, while the average amount spent per visit rose 0.4 percent.
Wal-Mart forecast earnings of $1.22 to $1.27 per share for the current second quarter, up from $1.18 a year earlier.
The company said it expected second-quarter same-store sales, excluding those of fuel, to be flat to up 2 percent at Walmart U.S. and up 1 percent to 3 percent at its Sam’s Club warehouse store chain.

In other words, PayPal is all in.
PayPal Here, which offers a triangle dongle to compete with a certain rival’s Square, offers a mobile dongle that you can attach to smartphones or tablets to take payments on the go. But it’s also now a pre-integrated solution for existing point-of-sale machines from multiple vendors such as ERPLY, Leaf, Leapset, NCR Silver, ShopKeep, and Vend.
“The cash register has been a familiar sight for generations, but it’s time to replace it with a modern solution,” PayPal says.
While PayPal was late to this particular game, it has quickly added partners like Home Depot and Abercrombie & Fitch, and, after being available just in North America for some time, recently entered the UK. And the company absolutely crushes all other competitors — including Google, MasterCard, and Visa — in consumer awareness for its digital wallet services.
But the real juice in this latest program is the free payment processing for the rest of the year. That’s huge to merchants who are looking to squeeze a few extra percentage points of profit out of typically skinny retail margins. Payment processors can easily take one to three percent of a company’s gross sales, right off the top.

The deal, which would be Facebook’s largest acquisition, would give the social networking company a mapping service and allow it to better compete with Google Inc. and Apple Inc.
Maps and navigation services have become a key asset for technology companies as consumers increasingly adopt smartphones and other mobile devices.
Waze uses satellite signals from members’ smartphones to generate maps and traffic data, which it then shares with other users, offering real-time traffic info.
Due diligence between Waze and Facebook is underway after a term sheet was signed, Calcalist said, adding that talks began six months ago.
Officials at Waze and Facebook declined to comment on the report.
Facebook’s largest deal to date is the September acquisition of photo-sharing app, Instagram. Facebook agreed to buy the company for $1 billion in cash and stock, though the actual price it paid was $715 million due to declines in Facebook’s share price.
The four-year-old Waze, which has 47 million users, has raised $67 million in funding to date from firms including Kleiner Perkins Caufield & Byers, Blue Run Ventures and semiconductor company Qualcomm Inc.

CoreLogic’s home price index jumped 1.9 percent from the previous month and accelerated by 10.5 percent compared to March last year.

That was the biggest year-over-year increase since March 2006, CoreLogic said.

Prices were even stronger excluding distressed sales, rising 2.4 percent from February and 10.7 percent from the year before. Distressed sales include homes that are in danger of foreclosure and properties that have already been seized by lenders.

Home prices have been rising since last year, helped by investor demand and tighter inventory. The top five states with the biggest gains in prices were Nevada, California, Arizona, Idaho and Oregon.

Prices likely continued to rise in April, CoreLogic said, though at a slower pace. Prices are seen rising 1.3 percent for the month and 9.6 percent on an annual basis.

Speaking on CNBC television, Buffett said the economy is benefiting from improvement in areas that had not previously performed well, particularly homebuilding.

He also said the improved economy is helping create increased traffic for NetJets, Berkshire’s private plane unit.

“The economy is moving forward, but at a slow pace,” he said. “Demand has come back, but slowly.”

Buffett said low benchmark interest rates, including overnight rates that have been effectively zero since late 2008, can help stimulate demand.

“When interest rates are low, and people expect them to stay low for a while, it pushes up the value of all other assets,” he said. “Interest rates act like gravity for all other asset prices.”

Buffett called Bernanke “a gutsy guy” who has “done very, very well in terms of what he has done for the United States.”

Last week, the Fed said it will continue to buy $85 billion of bonds per month to keep interest rates low and spur growth, and said it will step up purchases if needed.

The economy grew at a 2.5 percent annualized rate in the first quarter.

Buffett spoke on CNBC after Berkshire’s annual shareholders meeting over the weekend here.

Tony Little, founder, president and CEO, Health International Corp.

Egos are a big factor in business. Egos can cost companies a lot of money.

I learned this simple fact a long time ago, and to this day, it amazes me how much time, energy and resources are wasted by individuals unwilling to check their egos at the door and let their companies be successful. Believe me, I have an ego myself, and I have to remind myself that all the time.

We all know the type — the guy or gal who always has to be right and whose questionable judgment in business stems either from a sense of self-importance or is based upon what they feel others expect from them because of their position. This person can even be fairly pleasant and well-meaning. But when they turn out to be someone with whom you have a working relationship, things can go downhill very quickly, especially when they’re pushing ideas and making decisions for all the wrong reasons.

I sell a line of bison meat products, which is marketed as a healthful alternative to beef. One day, the company with which I was partnered hired a new marketing fellow who immediately wanted to change the packaging. It was clear that he wanted to make a big splash with his new bosses, but I was dumbfounded by his decision.

I argued, “We’ve been enjoying tremendous success, and our branding has been very clear. Why in the world would we want to change it when we have a winner?” I’m a pretty agreeable guy, but I also know when to dig in, especially when I’m fighting for something I believe in my heart is right.

After a brief internal debate, my partners agreed with my logic, and we happily continued on with our hit product.

In business, it is paramount that everyone looks for the perfect solution that works for everybody else. This isn’t about getting along with each other just for the sake of it but rather about learning to be successful together.

Ego, when it comes from a place of experience, confidence and wisdom, actually can be a tremendous asset if properly managed by the individual.

I’ve recently started working with a good friend of many years, and I totally respect his ego. He understands exactly what it takes to be successful and has the experience to enable him to accurately size up a situation and make sound business decisions. He also knows how to work with partners like me, creating a complementary relationship, not one in which there is constant bickering.

When you’re around people with healthy egos, they create an aura of chemistry and trust and can provide a nesting ground for others to be their best. These types of individuals don’t make radical changes on a whim, but they try to understand their business environment, then make decisions to either build upon existing success or fix what is not working. People like this aren’t afraid to make wrong decisions because they have the confidence — the ego — of knowing that eventually they will make the right decision.

In dealing with complicated business relationships, the most critical relationship is the one we have with ourselves. Always ask yourself the reasons behind your decisions, especially if you are challenged by peers, partners or others in trusted positions.

There is nothing wrong with standing up for what you truly believe in. But be sure you are guided by wisdom and a clear thought process with the intention of truly solving a problem or building upon previous achievements. If not, allow yourself to hear other voices and have a healthy enough ego to let them contribute to your success. ●

Tony Little is the founder, president and CEO of Health International Corp. and executive chairman of Positive Lifestyle International. Known as “America’s Personal Trainer,” he has been a television icon for more than 20 years. After overcoming a car accident that nearly took his life, Little learned how to turn adversity into victory. Known for his wild enthusiasm, Little is responsible for revolutionizing direct-response marketing and television home shopping. He has sold more than $3 billion in products bearing his name. Reach him at guestbook@tonylittle.com.