What's up with retail? Now Wal-Mart disappoints.
Both Wal-Mart and Kohl's guided lower a day after Macy's did the same yesterday.
Wal-Mart said "the retail environment was challenging across all of our markets."
Earnings were in line with expectations, but revenues were light.
Same-store sales dropped 0.3 percent, well below expectations of a gain of 1 percent. Q3 guidance of $1.11 to $1.16 is below expectations, as is full year guidance of $5.10-$5.30, below previous guidance of $5.20-$5.40.
And 2014 sales were lowered to two to three percent, from previous guidance of a five to six percent gain.
Remember, Wal-Mart is 20 percent of total retail sales of publicly held companies.