Wal-Mart Blames Weather, Government For 21% Drop In 4Q Profits
The world's largest retailer said winter storms and a reduction in the government's food-stamp program was to blame for a 0.4% drop in comp sales in and a 21% decline in quarterly net profit to $4.4 billion.
Wal-Mart's fourth-quarter results told the same retail story of woe, just on a larger scale. The world's largest retailer said winter storms and a reduction in the government's food-stamp program was to blame for a 0.4% drop in comparable store sales in the U.S. and a 21% decline in quarterly net profit to $4.4 billion. However, overall revenue managed to grow 1.4% to $128.79 billion. The company also issued lower-than-expected fiscal 2015 guidance, expecting net income of $5.10 to $5.45 a share, lower than analyst consensus of $5.54 a share.
