* Wal-Mart profit falls as severe winter deters shoppers
* U.S. jobless claims fall to seven-year low
* U.S. consumer prices post biggest gain in 10 months
* Futures: Dow off 13 pts, S&P off 3 pts, Nasdaq up 1 pts
NEW YORK, May 15 (Reuters) - Wall Street was set for a lower open on Thursday as weaker-than-expected earnings from Wal-Mart Stores Inc overshadowed a number of better-than-expected economic reports.
* Wal-Mart Stores Inc reported a 5 percent fall in quarterly profit as severe winter weather hurt comparable sales in the United States. The stock was down 3 percent in premarket trade.
* Kohl's Corp shares also fell 3 percent in premarket trade after the specialty department retailer reported weaker-than-expected first-quarter results.
* The number of Americans filing new claims for unemployment benefits fell last week to its lowest level in seven years, fresh evidence that the labor market was strengthening.
* U.S. consumer prices recorded their largest increase in 10 months in April, pointing to some inflation in the economy.
* Federal Reserve Chair Janet Yellen is due to deliver a speech on Thursday evening at a Small Business Administration event in Washington.
* S&P 500 e-mini futures fell 3 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average e-mini futures lost 13 points while Nasdaq 100 e-mini futures added 1 points.
* The Dow and S&P 500 retreated from recent record highs on Wednesday as small caps resumed their selloff and consumer discretionary shares lagged.
* Shares of Cisco Systems Inc were up 6.5 percent in premarket trade. The network equipment maker posted a shallower-than-expected 5.5 percent drop in quarterly revenue.
* General Motors shares fell 1.3 percent after the company announced five recalls related to safety.
(Reporting by Angela Moon; Editing by Chizu Nomiyama and Nick Zieminski)