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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