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.
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.
(Reuters) – No. 1 toy company Mattel Inc (MAT.O: Quote, Profile, Research, Stock Buzz) missed Wall Street’s profit and sales estimates for the fourth quarter on weak demand in the United States during the all-important holiday selling season.
The latest holiday season turned out to be one of the weakest since 2008, when the U.S. economy was reeling from a recession. Bad weather, limited discretionary dollars for many shoppers and six fewer days between Thanksgiving and Christmas in 2013 hurt U.S. sales for many retailers.