Wal-Mart’s quarterly result is lower than expected

Wal-Mart Stores Inc. reported weaker-than-expected quarterly earnings and lowered its annual forecast on Tuesday, citing higher costs from adding worker hours as well as weaker margins in its U.S. pharmacy business.

Net profit attributable to the company fell to 3.48 billion USD, or 1.08 USD per share, in the second quarter ended July 31, from 3.92 billion USD, or 1.21 USD, a year earlier. Analysts, on average, expected 1.12 USD per share, according to Thomson Reuters I/B/E/S.

Wal-Mart lowered its forecast for the year ending in January to a range of 4.40 USD to 4.70 USD from its outlook of 4.70 USD to 5.05 USD in February. The consensus was for 4.77 USD per share. (portfolio.hu)