Wal-Mart outlook hit by store closings, food stamp cuts

Wal-Mart Stores Inc Friday cut its quarterly profit outlook because of a host of issues, including reduced food stamp benefits and the restructuring of Sam's Club's in the United States and the closing of stores in Brazil and China. The announcement comes the day before Doug McMillon, who had been chief executive officer of the Walmart International unit, becomes president and CEO of the Bentonville, Arkansas-based company. After decades of robust growth, Wal-Mart now faces fierce competition in the United States from Amazon.com Inc and other retailers as well as challenges abroad as it adjusts its big-box model. Wal-Mart said Friday that it expected to report earnings for the fourth quarter ending on Jan. 31 at or slightly below the low end of its previous forecast of $1.60 to $1.70 a share.

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