Wal-Mart Trims Forecast as U.S. Dollar Crimps Overseas Sales
- Sluggish customer spending weighs on domestic revenue
- Cost-cutting efforts help fourth-quarter profit top estimates
Wal-Mart Lowers Annual Sales Forecast, Raises Dividend
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Wal-Mart Stores Inc. lowered its annual sales forecast in a move it blamed on the strong dollar, adding another headache for a retailer struggling with slow U.S. traffic and decelerating e-commerce growth.
Wal-Mart now expects net sales to be “relatively flat” this year, compared with a previous forecast for an increase of as much as 4 percent, according to a statement Thursday. The earlier guidance didn’t account for currency changes, said the company, which also cited a push to close underperforming stores for pulling down sales.