Wal-Mart Stores reported lower fourth-quarter earnings and trimmed its sales forecast for fiscal 2017 Thursday as the strong dollar and some weak international markets weighed on results. The world’s biggest retailer reported fourth-quarter earnings of $4.6 billion, down 7.9 per cent from the year-ago period. Revenues dropped 1.4 per cent to $129.7 billion. Walmart cited the drag from store closures and the strong dollar as factors in its forecast for flat sales in 2017, down from the previous outlook for 3-4 per cent growth. Walmart’s fiscal year started February 1. The strong dollar hit 2016 foreign sales by $17.1 billion and is expected to reduce 2017 sales by $12 billion, Walmart executives said. ‘Currency remains a headwind for our businesses as it is for many US multinational businesses,’ said chief financial officer Brett Biggs. International results were also marred by political and economic instability in Brazil, slowing economic growth in China and intensifying competition in Britain, Walmart said.
