Wal-Mart, the largest global retailer by sales, cut its full-year earnings estimates on the back of US consumers becoming more reluctant to spend, as well as a strong dollar and higher investments in USA. The group now expects annual earnings of $4,40-4,70 per share, down from the previously estimated $4,70-5,05 per share.
Il profit warning came alongside disappointing second-quarter results: revenues rose 0,1% to $120,2 billion, better than the 0,3% decline to $119,7 billion expected by analysts. However, net earnings fell more than expected to $3,63 billion, or $1,08 per share versus expectations of $1,28. The stock, which has lost more than 16% since the beginning of the year, dropped 2,77% at 69,92 dollars in the pre-market.
