In a dark quarter for retailers, Wal-Mart shines
The company's shares jumped 9 percent in early trading Thursday and companies that had been beaten down after universally dismal earnings reports appeared to catch a draft from Wal-Mart.
Wal-Mart's revenue climbed to $115.9 billion from $114.83 billion in the quarter, breezing past projections for $112.67 billion in revenue from industry analysts, according to a survey by Zacks Investment Research forecast.
The sales metric is important because it strips away the volatility of recently opened or closed stores, providing a better look at how a retailer is doing.
Before Target, Macy's Inc., J.C. Penney Co., Nordstrom Inc. and Kohl's Corp. posted weak first-quarter sales as pressure from off-priced stores like T.J. Maxx and online retailer Amazon.com rises.
Economists have seen a shift in habits, with more disposable income going toward vacations and dining out, rather than toward clothing or accessories.
Amazon membership costs $99 a year, which comes with a wide array of perks, including household product subscriptions, one- and two-hour Prime Now delivery, free streaming music and video, photo storage and more.