Walmart Stores Inc. reported a 9 percent increase in net income for the third quarter, but revenue for the world’s largest retailer fell below Wall Street forecasts as its low-income shoppers continue to grapple with an uncertain economy.
The discounter issued a fourth-quarter profit outlook that fell short of Wall Street expectations, and the company’s stock price slid more than 3 percent. Walmart is considered an economic bellwether because the retailer accounts for nearly 10 percent of nonautomotive retail spending in the U.S.
News Tribune news services
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