All of the big guns at Walmart offered their reasons for the decline. Deflation in the price of groceries, which account for 40% of sales, was one factor. Price discounts in electronics and flat screen TVs were also cited.
Tom Schoewe, chief financial officer, said customer traffic had fallen and, among other things, cited the remodeling of Walmart stores under Project Impact.
The retailer reported adjusted earnings of $4.5 billion or $1.17 per diluted share. Full-year sales increased 4.6% to $112 billion. International sales surpassed $100 billion.
Mike Duke, chief executive, said sales had exceed expectations for the fourth quarter. It ended the year with inventory down 7.8%. He expects the first quarter to be "challenging."
For the current fiscal year, the company expects diluted earnings per share to come in at $3.90 to $4.00. First quarter earnings per share are expected to be between $0.81 to $0.85.
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