U.S. retail giant Walmart (NYSE:WMT) lowered its full-year profit forecast on Tuesday due to the expected impact of rising costs on its profit margins.
Earnings Were Below ExpectationsWalmart's total revenue rose 2.4% to $141.6 billion in the quarter ended April 30, thanks to sales of food, health and well-being products. The retailer beat the expectations of analysts who, according to Refinitiv data, were counting on $138.94 billion.
U.S. comp sales increased by 3% and e-commerce growth was 1%.
Walmart saw net profit fall 25% to $2.05 billion in the first quarter ...
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Walmart Stock Slids 10% After Cutting Forecast on Higher Costs