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Jan 31, 2014

Wal-Mart outlook hit by store closings, food stamp cuts

NEW YORK (Reuters) – Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research) Friday cut its quarterly profit outlook because of a host of issues, including reduced food stamp benefits and the restructuring of Sam’s Club’s in the United States and the closing of stores in Brazil and China.

The announcement comes the day before Doug McMillon, who had been chief executive officer of the Walmart International unit, becomes president and CEO of the Bentonville, Arkansas-based company.

Jan 31, 2014
Jan 31, 2014

Wal-Mart cuts outlook due to store closings, Sam’s Club weakness

NEW YORK (Reuters) – Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz) said on Friday that bad weather and reduced food stamp benefits in the United States had dragged down comparable-store sales in the fiscal fourth quarter, more than offsetting a positive bump from the holiday season.

The news came the same day the world’s largest retailer shaved its quarterly outlook to account for special items, including those tied to its store closures in Brazil and China and its Sam’s Club restructuring in the United States.