On Thursday, Walmart (WMT) issued a weaker-than-expected earnings forecast. WMT stock sank more than 2% on the news.
WMT stock fell after the company predicted earnings of between $1.10 and $1.20 for the current quarter. That disappointed Wall Street, which was looking for current quarter earnings of about $1.23 per share of WMT stock, the Associated Press noted.
Walmart also estimated earnings for the fiscal year at between $5.10 and $5.45 per share, well below the annual profit of $5.56 per share of WMT stock that analysts had expected.
During the fourth quarter, the world’s largest retailer posted a profit of $4.43 billion, down 21% from $5.6 billion in the year-ago quarter. Adjusted EPS came in at $1.60 a share, which narrowly topped the $1.59 per share of WMT stock that analysts had estimated. But quarterly revenue of $128.79 billion fell short of the $129.9 billion that analysts had anticipated.
WMT stock closed at $74.85 per share on Wednesday. Over the past 12 months, WMT stock has gained about 8%.