Wal-Mart Stores Inc posted a better-than-expected quarterly profit on Thursday as its Walmart U.S. division showed a 2.6 percent rise in sales at stores open at least a year, and as warm weather and an earlier Easter enticed shoppers to spend.
Wal-Mart Stores Inc., facing a retail slump and a decline in traffic to big-box chains, cut its annual sales forecast and predicted slower profit growth over the next three years.
Sales will rise 2% to 3% this fiscal year, the Bentonville, Arkansas-based company said today at its annual meeting with analysts. Wal-Mart had previously projected growth of 3% to 5%, though it indicated in February that it expected to come in at the low end of that forecast.
TORONTO – Walmart Canada’s market share just keeps growing, but its drive to expand in a hypercompetitive retail sector weighed on the company’s quarterly results Thursday, which marked the mass merchant’s sixth-consecutive quarter of falling same store-sales and traffic.
The retailer saw an overall revenue gain of 1.2% in the period, while same-store sales, a key retail industry bellwether that strips out the effects of added square footage year-over-year, fell 1.4%.