Retailers have become big spenders in recent years as they’ve struggled to maintain high margins as consumers increasingly switch to online shopping.
Walmart’s stock fell more than 9% on Monday as investors expressed worry about the company’s finances and the retailer’s ability to maintain its current price levels.
Walmart, which reported a record profit of $2.1 billion in its fiscal year ended Dec. 31, is still operating at about half of its 2007 peak.
But investors are looking for a brighter outlook for the retailer, which is still struggling with the fallout from a nationwide health and safety recall of about 1.3 million baby formula bottles that contaminated some stores.
Walmarts shares have been down nearly 13% over the past two years, as consumers have switched to online sales, and the company has struggled to make up lost sales from the recall.
WalMart’s stock has more than doubled since the end of March, and it has gained more than $3 billion in value since then.
The company has been struggling with lower-than-expected quarterly profit.
Analysts have been calling for a turnaround, but the stock has lost more than 2% since the start of the year.
Walmart has also been hit with more lawsuits by disgruntled workers.