Wal-Mart Cuts Profit Forecast as Higher Taxes Damp Sales
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Wal-Mart Stores Inc., the world’s largest retailer, cut its annual profit forecast after shoppers’ reluctance to buy more than the bare necessities hurt second-quarter sales.
Profit per share in the year ending January 2014 will be $5.10 to $5.30, the Bentonville, Arkansas-based company said today in a statement. That’s less than its earlier projection of $5.20 to $5.40. The average of 28 analysts’ estimates compiled by Bloomberg was $5.29 a share.