Walmart missed earnings expectations for the fiscal first quarter, as the retailer felt cost pressure from fuel prices, higher inventory levels and overstaffing.
The nation’s largest retailer on Tuesday raised its sales outlook for the year, but lowered its profit expectations.
CEO Doug McMillon said the discounter’s bottom line results “were unexpected and reflect the unusual environment,” as inflation in the U.S. is at a nearly four-decade high.
Source: CNBC
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