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Wal-Mart Cuts Earnings Forecast

|Includes:Wal-Mart Stores, Inc. (WMT)

Originally published at www.seclive.com

Wal-Mart Stores Inc. (NYSE:WMT) announced its financial results for the second quarter of fiscal year 2013, while also cutting its annual guidance in the midst of a tough economic environment. Previously the company projected earnings per share as high as $5.40 but has now dropped its guidance to between $5.10 and $5.30 per share. Sales growth estimates were similarly reduced from 5% to 6% to now between 2% and 3%. Wal-Mart had a favorable second quarter, with profit increasing from $4.02B this time last year to $4.07B with earnings per share of $1.24. Revenue increased similarly by 2.3% from $114.3B to $116.9B with same-store sales dropping by 0.3%, missing analyst estimates of a 1% gain. Wal-Mart CFO Charles Holley remarked that the economic environment is challenging on consumers and discretionary spending, resulting in the negative impact of same-store sales.

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Stocks: WMT