Wal-Mart results hit by 'cautious shoppers'

Shares in Wal-Mart fell on Thursday after the firm revised down its sales expectations for the year.

The company said it now expected net sales to grow between 2% and 3% in 2013, compared with a previous range of 5% to 6%.

The firm said cautious shoppers had been hit by higher petrol and payroll taxes, which are similar to the UK national insurance.

Samira Hussain reports from Secaucus, New Jersey.