UPDATE: Wal-Mart Posts Drop In Q4 Profit, Issues Weak Outlook

Wal-Mart Stores WMT reported a drop in its fourth-quarter profit and issued a weak profit guidance. Wal-Mart's quarterly earnings declined to $4.43 billion, or $1.36 per share, from a year-ago profit of $5.6 billion, or $1.67 per share. Excluding special items, it earned $1.60 per share. Its net revenue rose 1.4% to $128.79 billion. However, analysts were projecting earnings of $1.59 per share on revenue of $129.9 billion. Its revenue at stores open at least a year dropped 0.4%. For the fiscal year, Wal-Mart expects adjusted earnings of $5.10 to $5.45 per share, versus analysts' estimates of $5.54 per share. It also projects current-quarter earnings of $1.10 to $1.20 per share, versus estimates of $1.23 per share. Wal-Mart shares dropped 1.35% to $73.84 in pre-market trading.