Wal-Mart cuts full-year sales growth forecast

Wed Oct 15, 2014 3:47pm EDT
 
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(Reuters) - Wal-Mart Stores Inc (WMT.N: Quote) cut its full-year sales growth forecast, hurt by a stronger dollar and a bigger-than-expected impact from the cut in the government food stamp program last year.

Shares of the world's largest retailer fell 3.3 percent to $75.39 in late afternoon trading on Wednesday.

Chief Financial Officer Charles Holley, at a meeting with investors and analysts, said he expected Wal-Mart's sales to rise 2-3 percent from $473.1 billion last year.

The company said in February it expected net sales growth to be at the lower end of its 3-5 percent forecast.

(Reporting by Siddharth Cavale and Devika Krishna Kumar in Bangalore; Editing by Kirti Pandey)

 
The Wal-Mart company logo is seen outside a Wal-Mart Stores Inc company distribution center in Bentonville, Arkansas June 6, 2013.  REUTERS/Rick Wilking