09/25/2013 02:38 pm ET Updated Sep 26, 2013

Walmart Stock Slides After Report Retailer Is Cutting Orders


Sept 25 (Reuters) - Wal-Mart Stores Inc shares fell as much as 2.1 percent in afternoon trading on Wednesday after a report by Bloomberg News said the retailer is cutting orders with suppliers this quarter and next quarter to address rising inventories.

The report said that last week, an ordering manager at the company described the pullback in an email to a supplier, who said others got similar messages.

A company spokesman was not immediately available for comment. Wal-Mart spokesman David Tovar was quoted in the story saying the order pullback is not "across the board" and is happening "category by category."

"In some cases, we're going to be taking less, in some we're going to be taking more," he said.

Wal-Mart shares traded down 1.5 percent to $74.61. They were down as much as 2.1 percent after the report. (Reporting By Edward Tobin; Editing by Carol Bishopric)


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