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Wal-Mart abandons growth prediction as currency hampers foreign markets

Wal-Mart Stores trimmed its sales forecast for fiscal 2017 due to store closures and the strong dollar as it reported lower fourth-quarter earnings.

Wal-Mart Stores Inc., the world’s largest retailer, lowered its annual sales forecast after the strong dollar pulled down the value of overseas revenue.

The company now expects net sales growth to be flat this year, compared with a previous forecast for growth as high as 4 per cent, according to a statement Thursday.

The outlook signal that Wal-Mart still faces hurdles in bouncing back from several years of slumping growth. Its U.S. same-store sales increase also was slow last quarter, rising just 0.6 per cent.

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