Wal-Mart profits fail to meet expectations

<p>Profits are up at Wal-Mart.</p>

The share price of supermarket chain Wal-Mart is down today (August 15th) after the company revealed its latest financial results.

Although it recorded a 1.3 per cent rise in its profits during the second quarter of the year, this was below the expectations of analysts.

Wal-Mart, which owns UK chain Asda, confirmed that it made $4.1 billion in the three months to July 2013, though same-store sales fell 0.3 per cent.

Mike Duke, Wal-Mart's president and chief executive officer, explained the firm has been facing a challenging retail environment in the last few months.

"I'm encouraged by our position to execute in the second half of the year, particularly with the steps we're taking to improve performance," he said.

Stocks in the company are nearly two per cent down today on the back of the profits news.

At 16:28 BST, the share price of the firm was 1.86 per cent lower than at the opening of the Nasdaq this morning.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.