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New York (AFP) – Walmart on Tuesday canceled its annual results forecast due to its acquisition of a majority stake in the Indian online retailer Flipkart.
Shares fell after the forecast, which precedes the leaders' presentations later on Tuesday during an annual day of investors.
The largest retailer in the world has reduced its profit target for the current year to a range of $ 2.65 to $ 2.80 per share, which was previously from $ 2.90 to $ 3.05.
Walmart, which finalized the acquisition of 77% stake in Flipkart in August for $ 16 billion, announced comparable sales growth in US stores next year (fiscal year 2020). 2.5% to 3.0%.
US sales of Walmart are expected to grow 3.0% this year, the company said in August.
According to Walmart, the growth of e-commerce next year would be about 35%, lower growth than expected for 40% this year.
Executive Director Doug McMillon, who focused on investments in e-commerce and store beautification, said the company's projects were on track.
"Although we are excited about what we have achieved so far, we are not satisfied," he said. "As we execute today and build the future, our associates and our unique omnichannel assets position us for success."
Shares fell 2.5% to $ 91.50 in pre-market transactions.
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