Wal-Mart sales disappointing

Wal-Mart Stores Inc reported a disappointing 1.7 percent rise in December sales at its US stores open at least a year, and the world's largest retailer cut its quarterly earnings outlook yesterday.

Analysts on average were expecting the company's same-store sales to rise 2.8 percent, according to Thomson Reuters. The discount retailer had said it expected December sales to be at the high end of its forecast for a gain of 1 percent to 3 percent. For the fourth quarter that started on Nov 1, Wal-Mart said it expected earnings of 91 cents to 94 cents per share from continuing operations. In November, Wal-Mart forecast fourth-quarter earnings per share of $1.03 to $1.07 from continuing operations, which at the time was below analysts' expectations of $1.11. The retailer said it would take an after-tax charge of about 6 cents per share in the fourth quarter .

Wal-Mart shares fell 6.9 percent to $51.70 in premarket trade from their close of $55.54 on Wednesday on the New York Stock Exchange.