Walmart expects virtually no sales growth this year

Walmart just reported fourth quarter earnings.

Revenues totaled $129.7 billion in the fourth quarter, and adjusted earnings per share came in at $1.49, topping forecasts.

The company had light guidance for sales, with the expectation for flat sales growth, lowered from a forecast for growth of between 3% to 4%.

Shares fell by as much as 3% pre-market.

Analysts had estimated that the company earned $1.46 in adjusted earnings per share, and revenues of $130.6 billion, according to Bloomberg.

Last October, Walmart warned that it was expecting profits to decline over the next two years, as it continued to invest in higher wages for staff.

This earnings announcement was also preceded by news that the hundreds of Walmart Express stores are going to be closed, affecting up to 10,000 employees in the US, and a total of 16,000 globally.

Walmart shares had fallen 23% over the past 12 months ahead of the earnings announcement.

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