Walmart Reports Q2 Earnings

Walmart Stores Inc. (Bentonville, Ark.) announced that its second-quarter earnings were lower than expected. As a result, the company is scaling back its plans to open more small-format grocery stores this year. Originally, it had planned to open 180 to 200 but now is planning on only opening 160 to 170.

According to Reuters, the decline in revenue was due, in part, to increased hours for workers to provide better customer service, and weaker margins in stores’ pharmacy sales.

However, the company reported that same-store sales during Q2 increased by 1.5 percent at stores open at least a year.