Walmart shares fell 1.14 per cent in pre-market trading after the company lowered its full year outlook. The retail titan posted poorer than expected revenues for the third quarter, with total revenues increasing by 1.7 per cent to $6.3bn (£3.9bn) and net income rising by 2.8 per cent to $3.7bn (£2.3bn). US comp sales fell by 0.3 per cent in the thirteen weeks to 25 October.
Walmart attributed the lower than expected revenues to negative currency exchange rate fluctuations and a "challenging global economy."
Chief executive officer, Mike Duke commented:
The retail environment, both in stores and online, remains competitive. Walmart has aggressive plans to help our customers enjoy the holiday season, and there is no doubt that we plan to win for our customers and shareholders throughout the holidays.