Wal-Mart cuts annual outlook
Print Edition
Wal-Mart Stores Inc cut its annual profit and revenue outlook yesterday as the world’s largest retailer expects a tough economy at home and abroad to continue to squeeze its low-income shoppers through the rest of the year.
Wal-Mart also reported second-quarter results that missed Wall Street estimates. The company’s stock fell nearly 2 percent in pre-market trading.
The spring and early summer showed some improvement from the first quarter, but overall, it’s been a tough first half of the year for the discounter.
Wal-Mart’s sober assessment of consumer spending adds to worries in earnings from Macy’s Inc and Kohl’s Corp. Both lowered their hopes for the year after posting disappointing results.
Wal-Mart is considered an economic bellwether because the retailer accounts for nearly 10 percent of non-automotive retail spending in the US.
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