TIME Retail

Walmart Blames Profit Drop on Cold Winter

Walmart is the latest retailer--and the largest--to say the colder than usual winter hurt sales and pushed up costs.

Walmart said Thursday that quarterly profits fell 5%, attributing much of the drop to a colder-than-usual winter.

Net income attributable to Walmart fell to $3.59 billion, from $3.78 billion a year earlier.

“Like other retailers in the United States, the unseasonably cold and disruptive weather negatively impacted U.S. sales and drove operating expenses higher than expected,” said Walmart President and CEO Doug McMillon in a statement.

Stock of the world’s largest retailer was down more than 3% in premarket trading.

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