Walmart shares plunge 10% to 9-month low after slowest US sales growth in six years

Retail bellwether Walmart saw its shares plunge sharply on Thursday, 20 August, falling 10% to a nine-month low of $103 apiece after the company missed quarterly comparable sales estimates for the first time in more than five years. The slowdown came as shoppers pulled back on spending amid rising gasoline prices.

US comparable sales, a closely watched benchmark, grew 2.6% excluding fuel, slowing from 4.1% in the first quarter and coming in below analysts’ estimates compiled by Bloomberg.