Walmart Cuts Earnings Forecast on Flipkart Deal
October 16 2018 - 7:48AM
Dow Jones News
By Bowdeya Tweh
Walmart Inc. is cutting its earnings targets for the year as
part of its purchase of a majority stake in Flipkart Group.
The world's largest retailer said it expects to earn between
$2.65 and $2.80 a share in the year ending Jan. 31, or between
$4.65 and $4.80 a share on an adjusted basis. The company had
expected earnings between $2.90 and $3.05 a share, or $4.90 to
$5.05, adjusted.
The company said its prior guidance didn't include the impact
from the Flipkart deal. Walmart in May agreed to take control of
Flipkart, India's largest e-commerce company, for $16 billion.
Walmart maintained its forecast for sales this year. In the
second quarter, quarterly sales for Walmart accelerated at the
fastest rate in more than a decade.
Write to Bowdeya Tweh at Bowdeya.Tweh@wsj.com
(END) Dow Jones Newswires
October 16, 2018 07:33 ET (11:33 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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