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.

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.

Consolidated net income reached $3.7bn, up 2.8% on $3.6bn last year.

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