Shares of retail store operator Wal-Mart Stores, Inc. (NYSE:WMT) slid over 3% after it declared a 5.7% rise in its 2nd-quarter net income and increased its guidance for the full year as the world’s biggest retailer continues to draw back frugal shoppers around the world. Wal-Mart sells everything at low cost, from clothes to electronics.
Wal-Mart’s total revenue was way off Wall Street’s estimations, and the retail outfit is delaying store expansion plans in Mexico, its biggest international division, as it deals with a bribery issue. It’s also scaling reverse store growth plans in China and Brazil to increase profitability in those operations. Investors, on the other hand, had sent its stock surging 25% since mid-May, pushing shares down more than 3% on the news.
Wal-Mart’s shares dropped -2.30 dollars or -3.09% to close at $72.15. The Beta factor, which measures the risk associated with the security, was 0.31%.
The retail chain operator’s stock surged during the trade to the maximum level at $72.75 and during the session traded at the lowest level of $71.78 after an opening price of $72.58. WMT has earning per share of $4.66 while it has 3.38 billion shares outstanding with institutional ownership of 30.48%. Wal-Mart belongs to the services sector.
Meanwhile, other major market players in the industry are Costco Wholesale Corporation (NASDAQ:COST) which was slightly up 0.01%; Family Dollar Stores, Inc. (NYSE:FDO) which surged 1.43%; Philip Morris International Inc. (NYSE:PM) which rose 0.34% to declare its Q2 results on July 19; General Corp. (NYSE:DG) which dropped -1.07%; and H.J. Heinz Company (NYSE:HNZ) which dropped 0.52% on Thursday as it aims to announce its first quarter results on August 29.