Walmart profit drops 8%

Walmart (NYSE:WMT) delivered a mixed fourth quarter and year-end projection that reveals an uneven year and bumpy 2016 ahead.

The company reported that fourth-quarter profit dropped 7.9 percent for the holiday season, a slowdown from the third quarter. Sales for the year are expected to be flat.

Sam's Club also delivered disappointing results, as sales without fuel declined 2 percent in the quarter.

On a bright note, same-store sales at Walmart's U.S. stores were positive for the period, making this the sixth consecutive quarter of positive same-store sales gains. E-commerce was also a bright spot, increasing 8 percent globally.

"This past year has been a year of investment, operational improvement and change, even while we delivered solid growth," said Doug McMillon, Walmart president and CEO, according to The New York Times. "We do see an underlying strength in our Walmart U.S. business that wasn't there a year ago."

Walmart said in January that it would close 154 stores and back away from its small format program by closing all Walmart Express locations. The focus, will be on supercenters and digital initiatives.

For more:
-See this Walmart release
-Read this New York Times story

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