U.S. Markets closed

Wal-Mart CEO says had 'more difficult quarter than expected'

Wal-Mart CEO Mike Duke said on the company's Q1 earnings conference call, "Frankly, we had a more difficult quarter than expected when we announced our guidance in February. It’s important to note that Walmart U.S. continued to gain market share across several key categories. Sales were pressured primarily by delayed tax refunds, which caused customers to put off discretionary purchases. And though no one likes to talk about weather, it was a real factor across the United States...I share (Bill Simon's) optimism about the remainder of the year and believe the underlying strength of the Walmart U.S. business will deliver positive comps next quarter."