Walmart Q2 Sales Growth Weakest in FIve Years
Walmart Stores forecast second-quarter profit below analysts' estimates after reporting its smallest growth in quarterly sales in nearly five years, as a severe winter kept shoppers from its stores. Walmart is the latest retailer to flag a colder-than-usual winter for weak sales. Department store operator Macy's on Wednesday cited the harsh winter for a 1.7 % decline in quarterly sales. "Like other retailers in the US, the unseasonably cold and disruptive weather negatively impacted US sales and drove operating expenses higher than expected," CEO Doug McMillon said in a statement. The company said its secondquarter forecast reflected increased investments in its membership only Sam's Club stores and higher costs related to the cuts in the food stamp program.