Shares of Walmart (WMT) tumbled ahead of the market open after the retail giant's quarterly sales fell short of expectations. This rare miss is likely to stoke concern about the leading big-box retailer decelerating alongside a slow-growing US economy. For the three-month period ended July 31, Walmart reported net income of $6.37 billion, or $0.80 per share, compared with $7.03 billion, or $0.88 per share, in the year-ago period. Excluding certain impacts, adjusted earnings per share were $0.81. Total revenue climbed to $187.94 billion from $177.40 billion in the year-earlier period, which was above the $186.77 billion expected by analysts. However, U.S. comparable sales grew 2.6%, less than the 3.5% increase Wall Street expected. The company's stock closed approximately 9% lower.
Advanced Auto Parts (AAP) shares sunk in premarket trading after the parts provider reported second-quarter sales that fell short of analyst estimates. While the company boosted its adjusted earnings per share forecast for the full year, it maintained its sales guidance, which is also below estimates at the midpoint. The company announced it is trimming store openings in favor of regional fulfillment hubs.
Shares of Coty (COTY) fell after the beauty conglomerate reported fourth-quarter results. While the company's net revenue for the quarter beat the average analyst estimate, Coty did not provide a full-year forecast. The company stated it expects to provide a broader outlook following a strategic review. Coty's comparable sales dropped, and it anticipates current quarter revenue to decline by a low to mid-single digit percentage. The stock was down by 8.09% at one point and has declined 38% over the past 12 months.
