Wal-Mart booked a charge of US$153m due to the sale of its stores in Germany, the US retail giant has revealed.
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In a filing with the US Securities and Exchange Commission, Wal-Mart recorded the charge during the second quarter of its current fiscal year.
“To reflect recent non-binding discussions with Metro at the end of August, the company recorded a second quarter 2008 charge of $153m to discontinued operations, related to a post-closing adjustment and certain other liabilities,” Wal-Mart said.
Last month, Wal-Mart warned that its full-year profits would not meet its initial targets thanks to consumers worldwide tightening their belts.
The US retail giant, which operates in 14 countries worldwide, cut its earnings per share guidance from US$3.15 to $3.23 a share to $3.05-3.13.
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By GlobalDataThe profit warning belied a set of first-half results that showed sales had risen 8.6% to $177.4bn and that operating profit was up 5.2% to $10.1bn.
