Walmart has ‘no excuse’ for low sales: CEO

Walmart has “no excuse” for not doing better in the US, Chief Executive Doug McMillon told investors.

The world’s largest retailer trimmed its full-year sales forecast at its annual analyst meeting, which sent shares tumbling as much as 4.7 percent to $74.43 — their biggest intraday drop in a year. They closed at $75.20, off 3.6 percent.

The giant discounter now expects sales in 2014 to increase between 2 and 3 percent, down from a February outlook of 3 to 5 percent. Walmart also warned profit growth will ease over the next three years.