WAL-MART MISSES EARNINGS ESTIMATES, SLASHES GUIDANCE

Wal-Mart’s Q2 earnings report is out.

The global retailing giant reported earnings of $US1.24 per share, slightly below expectations for $US1.25.

Revenues in the second quarter were $US116.9 billion, short of the $US119.7 billion predicted by analysts.

Same-store sales fell 0.3%.

“The retail environment remains challenging in the U.S. and our international markets, as customers are cautious in their spending. Net sales in the first six months were below our expectations, so we are updating our forecast for net sales to grow between 2 and 3 per cent for the full year versus our previous range of 5 to 6 per cent,” said Wal-Mart CFO Charles Holley in the release. “This revision reflects our view of current global business trends, and significant ongoing headwinds from anticipated currency exchange rate fluctuations.”

Shares are about 2.4% lower in pre-market trading.

Click here for the full release »

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