Walmart shares dive as e-commerce growth slows

AFP, NEW YORK: Investors pummeled Walmart shares Tuesday after the retail behemoth reported disappointing fourth-quarter earnings in results that revealed growing pains in its e-commerce buildout.

Walmart suffered one of its worst days ever on Wall Street, plunging 10.2 per cent to close at $94.11, its biggest one-day decline in percentage terms in more than 30 years.

The company reported another solid quarter of gains in US comparable store sales, but quarterly earnings slumped 42.1 per cent to $2.2 billion.

Earnings were dented primarily by investments to keep prices low and by the effects of online sales of lower-margin items, chief financial officer Brett Biggs said.

 

Walmart shares dive as e-commerce growth slows

AFP, NEW YORK: Investors pummeled Walmart shares Tuesday after the retail behemoth reported disappointing fourth-quarter earnings in results that revealed growing pains in its e-commerce buildout. Walmart suffered one of its worst days ever on Wall Street, plunging 10.2 per cent to close at $94.11, its biggest one-day decline in percentage terms in more than 30 years. The company reported another solid quarter of gains in US comparable store sales, but quarterly earnings slumped 42.1 per cent to $2.2 billion. Earnings were dented primarily by investments to keep prices low and by the effects of online sales of lower-margin items, chief financial officer Brett Biggs said.