Walmart Rises Most Since 2020 on Upbeat Outlook, Earnings Beat
- Retailer’s forecast for annual comparable sales tops estimates
- Gross margin ticked up last quarter, easing profitability fear
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Walmart Inc. surpassed Wall Street’s quarterly profit expectations and unveiled an upbeat outlook, signaling confidence in its ability to handle rising inflation and flagging consumer sentiment.
Comparable sales at U.S. Walmart stores will increase “slightly above 3%” excluding fuel during the current fiscal year, which ends in early 2023, the retailer said in a statement Thursday as it reported earnings. That tops the 2.7% average gain expected by analysts.