Wal-Mart Stores Inc. (WMT) reported second quarter profit rose to $4.07 billion, or $1.24 a share, compared with $4.02 billion, or $1.18 a share, a year earlier. Revenue came in at $116.9 billion. Analysts had expected earnings of $1.25 per share on revenue of $118.09 billion.
The world’s biggest retailer also issued weaker-than-expected U.S. same-store sales that slipped 0.3 percent in the second quarter, under analysts’ estimates of a 1 percent gain.
The retail giant cut its revenue and profit outlook for the year, and now expects net sales to rise 2 percent to 3 percent for the full year, down from an earlier forecast of a 5 percent to 6 percent increase. The retailer lowered its profit forecast by 10 cents per share and now expects earnings between $5.10 to $5.30 per share.
Shares of Wal-Mart Stores Inc. fell 2.30 percent to $74.64 in morning trade.
Kohl's Corporation (NYSE: KSS) reported second quarter earnings that met expectations as the retailer issued earnings of $231 million, or $1.04 per share. Revenue rose 2 percent to $4.29 billion.
The retail chain, however, did say profit for the quarter fell for the quarter ended Aug. 3. Kohl's reported a profit of $231 million, down from a profit of $240 million in the year-ago period.
Kohl's also lowered the top end of its EPS forecast for the full year, and now forecasts $4.15 to $4.35, down from $4.15 to $4.45.
Shares of Kohl's Corporation jumped 5.59 percent to $53.68.
Wal-Mart and Kohl's earnings comes after department store Macy’s, Inc. (NYSE: M) surprised investors on Wednesday, and posted weaker-than-expected quarterly earnings and cut its earnings forecast for this year.
Cisco Systems, Inc. (NASDAQ: CSCO) issued fiscal fourth quarter earnings and revenue that beat estimates, however, shares of the company plunged after the bell on Wednesday once it announced it would cut 4,000 jobs despite profit growth.
The company reported fiscal fourth quarter earnings of 52 cents per share, up from 47 cents per share in the year-ago quarter. Revenue rose to $12.42 billion, from $11.69 billion a year ago.
Shares of Cisco Systems, Inc. dropped 6.70 percent to $24.61 in morning trade.
On the earnings calendar after the bell, Applied Materials, Inc. (NASDAQ: AMAT) and Nordstrom, Inc. (NYSE: JWN) report quarterly results.
The Dow Jones industrial average plunged 191.92 points, or 1.25 percent, at 15,145.74. The S&P 500 Index fell 21.51 points, or 1.28 percent, at 1,664.01. The Nasdaq Composite Index was down 53.63 points, or 1.47 percent, at 3,615.13.
