Wal-Mart sales growth weakest in five years, outlook cautious

(Reuters) – Wal-Mart Stores Inc forecast second-quarter profit below analysts’ estimates after reporting its smallest growth in quarterly sales in nearly five years, as a severe winter kept shoppers from its stores.  Shares of the world’s largest retailer fell as much as 3.4 percent before the bell on Thursday.  Wal-Mart is the latest retailer to flag a colder-than-usual winter for weak sales. Department store operator Macy’s on Wednesday cited the harsh winter for a 1.7 percent decline in quarterly sales.  Shoppers found it difficult to visit Wal-Mart’s gargantuan stores, mainly located on the outskirts of towns and cities, as winter storms snowed out access routes. The company has also been struggling with a sharp cut in benefits under the Supplemental Nutrition Assistance Program, the largest U.S. anti-hunger program. At least one in five of Wal-Mart’s customers relies on food stamps...more

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s