Wal-Mart Stores reported Thursday a 2.8 percent rise in quarterly revenues—helped by higher sales at its smaller-format stores and online shoppers. U.S. same-store sales overall were flat but Internet sales signaled a plus.
The company's shares opened slightly lower (click here for the latest quote) after earnings matched second quarter estimates and revenue beat forecasts. The company also lowered full-year guidance.
Chief Executive Doug McMillon blamed intense competition and weak consumer spending for sluggish U.S. same-store sales.
"We're encouraged by the performance of our small-format stores and e-commerce, areas where we're investing significantly this year. But we wanted to see stronger comps overall in Walmart U.S.,'' McMillon said in a statement.
Wal-Mart said its e-commerce business—including store-fulfilled sales—delivered double-digit growth for the second quarter. But the company lowered full-year online sales growth to 25 percent from around 30 percent.