Walmart lowered its fiscal year 2019 forecast for earnings per share, the company announced on Tuesday prior to its annual investors meeting.
The company lowered its full-year adjusted earnings per share to $4.65 to $4.80 from an estimated range of $4.90 to $5.05. Refinitiv estimated their adjusted earnings per share to be $4.79.
Walmart continues to back its prior 2019 sales growth forecast.
For fiscal year 2020, the company also said it expects its U.S. comp sales growth to be 2.5 to 3 percent and eCommerce net sales growth to be around 35 percent for fiscal year 2020.
"We're adapting and transforming with speed to better serve our existing customers and reach new ones," said Walmart President and CEO Doug McMillon. "We're operating with discipline, balancing our short and long-term opportunities. While we're excited about what we've done so far, we aren't satisfied. As we execute today and build for tomorrow, our associates and unique omni-channel assets position us for success."
Walmart's net sales growth for 2020 is predicted to be at least 3 percent, negatively affected by its deconsolidation of its Brazil operations and reduced tobacco sales at Sam's Club. Internationally, it expects its net sales growth to be about 5 percent.
Walmart has been making changes to compete with other retail giants such as Amazon. It announced a new partnership on Tuesday with Advance Auto Parts to sell its products and offer delivery and services. It recently bought the lingerie company Bare Necessities. Earlier in October, it acquired Eloquii, a retailer that sells plus-sized clothes, for $100 million. It also announced a partnership with U.S. movie studio Metro Goldwyn Mayer to create content with its video-on-demand service Vudu.
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