Wal-Mart Trims Sales Forecast, Predicts Slower Profit Growth
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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 percent to 3 percent this fiscal year, the Bentonville, Arkansas-based company said today at its annual meeting with analysts. Wal-Mart had previously projected growth of 3 percent to 5 percent, though it indicated in February that it expected to come in at the low end of that forecast.