Wal-Mart cuts full-year sales growth forecast
Reuters
Published Oct 15, 2014 03:50PM ET
Updated Oct 15, 2014 04:00PM ET
Wal-Mart cuts full-year sales growth forecast
(Reuters) - Wal-Mart Stores Inc (N:WMT) cut its full-year sales growth forecast, hurt by a stronger dollar and a bigger-than-expected impact from the cut in the government food stamp program last year.
Shares of the world's largest retailer fell 3.3 percent to $75.39 in late afternoon trading on Wednesday.
Chief Financial Officer Charles Holley, at a meeting with investors and analysts, said he expected Wal-Mart's sales to rise 2-3 percent from $473.1 billion last year.
The company said in February it expected net sales growth to be at the lower end of its 3-5 percent forecast.
(Reporting by Siddharth Cavale and Devika Krishna Kumar in Bangalore; Editing by Kirti Pandey)
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