Wal-Mart Cuts Annual Profit, Revenue Outlook

August 15, 2013 2:11 PM
Wal-Mart Cuts Annual Profit, Revenue Outlook
" NEW YORK (AP) — Wal-Mart Stores Inc. cut its annual profit and revenue outlook Thursday as the world’s largest retailer expects a tough economy at home and abroad to continue to squeeze its low-income shoppers through the rest of the year.

Wal-Mart also reported second-quarter results that missed Wall Street estimates. The company’s stock fell nearly 2 percent in premarket trading.

The spring and early summer showed some improvement from the first quarter, but overall, it’s been a tough first half of the year for the discounter.

Wal-Mart’s sober assessment of consumer spending adds to worries in earnings from Macy’s Inc. and Kohl’s Corp. Both lowered their expectations for the year after reporting disappointing results.

Wal-Mart is considered an economic bellwether because the retailer accounts for nearly 10 percent of nonautomotive retail spending in the U.S. The latest performance indicates that many American households continue to struggle in a yo-yo economic recovery.

While jobs are easier to get and the turnaround in the housing market is gaining momentum, the improvements have not been enough to sustain spending for most Americans, who are juggling tepid wage gains and higher costs of living "

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