Wal-Mart Shares Fall After Revenue Miss

Wal-Mart Stores Inc. shares fell 1.8% in Thursday premarket trading after the retail giant reported fiscal third-quarter sales that missed consensus. Net income was $3.03 billion, or 98 cents per share, down from $3.30 billion, or $1.03 per share last year. The FactSet estimate was 96 cents per share. Revenue was $118.18 billion for the quarter, up from $117.41 billion, but falling short of the $118.59 billion FactSet consensus. Same-store sales at Walmart U.S. rose 1.2%, driven by a 0.7% increase in traffic, the company said. Wal-Mart now sees full-year fiscal 2017 EPS of $4.34 to $4.49, compared with $4.29 to $4.49 previously, and full-year fiscal 2017 adjusted EPS of $4.20 to $4.35, compared with $4.15 to $4.35 previously. The company expects fourth-quarter same-store sales for Walmart U.S. to rise 1% to 1.5%. Wal-Mart shares are up 16.5% for the year so far while the S&P 500 index is up 6.5% for the same period. The Dow Jones Industrial Average is up 8.3% for the same period.