Wal-Mart Drops After Second-Quarter Sales Trail Estimates
Wal-Mart Drops After Second-Quarter Sales Trail Estimates (VIDEO)In Pre-Market Trading WMT is at $72.50 down $1.95 (2.62%).
Wal-Mart Stores Inc.'s second-quarter net income rose 5.7 percent as the world's largest retailer is wooing back frugal shoppers across the globe by doubling down on low prices.
The discounter also said Thursday that it's raising its full-year profit outlook. But investors pushed the stock down after the company's revenue came in short of expectation. Wal-Mart also said it would delay store expansion plans in Mexico, its largest international division, as it grapples with allegations of bribery there.
The delay in expansion comes four months after reports surfaced that the retailer allegedly failed to notify law enforcement after finding evidence that officials authorized millions of dollars in bribes in Mexico to speed building permits and gain other favors The quarterly revenue that came in short of expectations also disappointed investors.
Shares were down 3 percent to $71.99 in premarket trading.
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