Thursday, December 8, 2022

Walmart earns less – high costs weigh on it

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In the three months ended April, Walmart earned $2.1 billion, down almost a quarter from a year ago. The high level of US inflation is affecting business, said CEO Doug McMillon. Increasing expenses, such as for fuel and wages, drove up operating costs more than expected.

The annual report was not well received by investors: the share initially reacted before the market with a price loss of more than seven percent. Walmart increased sales in the past quarter by a good two percent to $141.6 billion, slightly exceeding expectations.

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