Egypt's PM heads to Japan for TICAD 9 Africa development summit    National Council for Childhood reviews plan to combat child labour    Egypt's Supreme Organ Transplant Committee strengthens oversight, standards    Indian tourist arrivals to Egypt jump 18.8% in H1-2025: ministry data    African agribusiness market expected to reach $1tr by 2030    Price cuts underway across Egypt, says trade federation report    Zelenskyy seeks US security guarantees as Trump says he can 'end war now'    Israelis protest for hostage deal amid growing pressure on Netanyahu    Serbia's Vucic vows 'tough measures' against protesters after unrest    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt delivers over 30 million health services through public hospitals in H1 2025    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Walmart drags down US markets
Published in Daily News Egypt on 18 - 08 - 2015

The world's largest retailer was the biggest drag on the Dow Tuesday after it disappointed investors with weak second-quarter results. The company has been struggling to compete with online merchants and dollar stores.
Shares in US retail giant Walmart fell by more than 3 percent Tuesday as its quarterly results fell short of expectations, hit by currency fluctuations, wage increases and the cost of bringing its US stores up to date.
Net income at the Bentonville, Arkansas-based retailer was $3.48 billion (3.15 billion euros), down from $4.09 billion a year ago. Total revenues were flat, at just over $120 billion.
Walmart's shares hit a nearly three-year low of $69.58 on the news, 16 percent lower than at the beginning of the year.
The company has been struggling with a slow economic recovery along with competition both from online retailers, especially Amazon, and dollar stores. It has been refurbishing many of its superstores in response. But Walmart also faces rising wages in light of public pressure to improve working conditions.
"Operating profit will be pressured for the remainder of the year, due to continued investments in store associate wages and additional hours," Walmart executive vice president Charles Holley said.
It was a far more dramatic picture in Britain, where Walmart's British Asda subsidiary posted its worst-ever results since Walmart bought the company in 1999.
In an environment Chief Executive Andy Clarke described as "the worst storm in retail history," like-for-like sales declined 4.7 percent in the second quarter. This came after sales already declined 3.9 percent in the first quarter, Asda's worst performance in five years.
It and other major British supermarkets Tesco, Morrison's and Sainsbury's are facing an onslaught from German discounters Aldi and Lidl, which offer low prices from a streamlined, largely own-brand range at smaller stores.
sgb/uhe (Reuters, AP)


Clic here to read the story from its source.