Walmart cuts profit outlook on worries
NEW YORK (AP) — Walmart Stores Inc., the world’s biggest retailer, said the weak global economy continues to batter its low-income shoppers.
The chain on Thursday cut its annual profit and revenue outlook for the year after reporting second-quarter results that missed Wall Street estimates. The company’s stock fell nearly 3 percent on the news.
Walmart’s sober assessment adds to worries about consumer spending that arose when Macy’s Inc. lowered its profit expectations for the year after reporting disappointing results on Thursday and Kohl’s Corp. did the same on the following day even after posting solid results.
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