Wal-Mart's Solid Earnings Not so Simple

NEW YORK (TheStreet) -- Did Wal-Mart(WMT) report good first-quarter earnings yesterday? Is the Pope German? Despite a fraught international economy and the world's biggest retailer's merchandising struggles in recent years, Wal-Mart turned in a stalwart quarter, with earnings at $1.09, beating expectations by several pennies and a robust top-line too.

Why did they do much better than expected? Well, that's more complicated -- at least if you listen to the media, who in typical fashion focused on single, primary reasons.

Here's what The Wall Street Journal said in a headline: "With More on Its Shelves, Wal-Mart Results Rise."

But to Wall Street Cheat Sheet, it was something else altogether: "Walmart Makes More Money on Lower Prices."

And to CNBC, it wasn't the amount on the shelves or its price. Instead, they told traders, "the world's biggest retailer benefited from warmer weather and an earlier Easter."