Sunday September 20, 2020

updated - September 20, 2020 Sunday EDT

Walmart Sales Fall: Supermaket Chain Fails to Meet Analysts Predictions

Aug 15, 2013 11:16 AM EDT | By Justin Stock
Walmart, Shares
A disabled Wal-Mart employee is back to work after being let go for reportedly coming back late from lunch. (Not pictured)(Photo : Reuters)

Walmart's same-store sales fell 0.3 percent which failed to meet the one percent prediction from analysts according to USA Today.

Company chief financial officer, Charles Holley, told USA Today in a statement that the retail business is a tough one.

"The retail environment remains challenging in the U.S. and our international markets as customers are cautious in their spending," Holley said.

The world's largest retailer also thinned annual profit and guidance because of struggling economic circumstances, and looking into possible infractions of an anti-bribery law case at the federal level USA Today reported.

"(The guidance revision) reflects our view of current global business trends, and significant ongoing headwinds from anticipated currency exchange rate fluctuations ," Holley said.

Walmart's profit in the second quarter increased to $4.07 billion or $1.24 a share from $4.02 billion or $1.18 a share USA Today reported. The retail chain's revenue increased 2.3 percent to $116.9 billion from $114.3 billion.

The company expects to make $5.10 to $5.30 a share this fiscal year down from its former projection of $5.40 a share USA Today reported.

According to USA Today, United states consumer bellwether's shares decreased more than 2 percent to $74.40.

The company reports that 245 million human beings spend time at their 10,800 stores, some of which are located in 27 countries, and in an e-commerce capacity in 10 countries and, according to the company website,  2.2 million people are employed by Walmart all over the world.

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