Wal-Mart Forecast Trails Estimates as Sales Gains Slow
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Wal-Mart Stores Inc., the world’s largest retailer, forecast fourth-quarter profit that trailed analysts’ estimates in anticipation of a competitive holiday season and after economic conditions slowed U.S. sales gains. The shares fell the most in more than six months.
Fourth-quarter profit will be $1.53 to $1.58 a share, the Bentonville, Arkansas-based company said in a statement. The average estimate of analysts surveyed by Bloomberg was $1.59.