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The
retailer also said it expected net sales to be flat in its new
fiscal year, down from a previous forecast for 3 percent to 4
percent growth. It cited the recent closure of stores globally
and the impact of a stronger dollar.
Wal-Mart said net income fell 7.9 percent to $4.57 billion in
the fourth quarter ended on Jan. 31 from a year earlier.
Excluding special items, earnings of $1.49 per diluted share
exceeded the analysts' average estimate of $1.46, according to
Thomson Reuters I/B/E/S.
Wal-Mart said sales at U.S. stores open at least a year rose 0.6
percent, positive for the sixth consecutive quarter but below
the analysts' consensus of a 1 percent rise.
The company's profits have been weighed down by costs to boost
employee wages and renovate stores. Wal-Mart has also been
investing heavily to build out its e-commerce infrastructure as
it grapples with fast-growing online rival Amazon.com, another
factor pinching margins in recent months.
Shares of Wal-Mart were down 4.3 percent at $63.25 in premarket
trading on Thursday.
(Reporting by Nathan Layne; Editing by Lisa Von Ahn)
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