Wal-Mart cuts profit outlook

Written By Unknown on Kamis, 15 Agustus 2013 | 20.48

WAL-MART Stores Inc is cutting its annual profit outlook as the world's largest retailer continues to deal with a tough economy at home and abroad.

Wal-Mart reported also second-quarter results on Thursday that missed Wall Street estimates.

The US-based retailer says second-quarter profit rose 1.3 per cent to $US4.07 billion ($A4.49 billion), or $US1.24 per share, for the three months ended July 31. That compares with $US4.02 billion, or $US1.18 per share, a year earlier.

Net sales rose 2.4 per cent to $US116.2 billion.

Analysts were expecting earnings of $US1.25 per share on revenue of $US118.09 billion.

Revenue at stores open at least a year at Wal-Mart's namesake business fell 0.3 per cent. That's considered an important measure of a retailer's performance.


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