US retailer Wal-Mart warned its full-year earnings will come in below previous expectations this morning (14 November), on soft sales and one-time expenses.
The company lowered its full-year earnings per share guidance range to US$5.01 to $5.11, down from previous guidance of $5.10 to $5.30. The retailer said it would register expenses related to store closures in Brazil and China as well as the decision to exit its joint venture with Bharti Enterprises in India.
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The announcement came as Wal-Mart announced results for the third quarter to 31 October. Consolidated net sales totalled $114.9bn, an increase of 1.6%.
In the US, net sales reached $67.7bn. However, the company reported US comparable-store sales fell 0.3%, hurt by what the retail giant described as a “competitive” retail environment. Traffic was down 0.4%, while average ticket edged up 0.1%.
Wal-Mart’s international sales edged up 0.3% to $33.1bn. Sales would have increased 4.1% to $34.4bn, however, revenues were negatively affected by currency exchange fluctuations.
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Consolidated net income reached $3.7bn, up 2.8% on $3.6bn last year.
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