Walmart (WMT) earnings Q1 2023


Walmart on Tuesday reported quarterly earnings that missed Wall Street’s expectations by a wide margin, as the nation’s largest retailer felt pressure from rising fuel costs and higher levels of inventory.

Shares were down about 7% in premarket trading.

The company raised its outlook for sales this year, saying it expects net sales to increase about 4% in constant currency for the full year. It previously anticipated a 3% increase.

But Walmart also lowered profit expectations. Earnings per share for the year will decrease by about 1% compared with the mid single-digit increase it previously expected, the company projected.

In an interview with CNBC, Chief Financial Officer Brett Biggs said…

Source cnbc.com

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