- Earnings report caused WMT shares to fall sharply.
- Rising prices causing unexpected operating costs.
Walmart earnings leaving investors bearish
On Tuesday Walmart released their first quarter earnings report, which fell short of market expectations. In addition the retail giant cut its full year profit forecast as Walmart feels the consequences of rising costs.
Walmarts EPS fell short of analyst expectations, and additionally indicated that they expect to see a 1% drop in revenue for the 2023 financial year. CEO Doug McMilon indicated that although the results were unexpected, they are a reflection of the current market environment and the rising inflation, especially in food and fuel, were main drivers of unexpected operating costs.
Pre-Market trading saw Walmarts shares fall by 6.75%.
Walmart Share Price Chart
Sources: thestreet.com, finance.yahoo.com