(Walmart) Shares of Walmart fell more than 6% on Tuesday after reporting adjusted earnings per share of $1.30 in the first quarter of FY23. The earnings were below forecasts of $1.48 per share.
The lower earnings of Walmart reflected rising costs of food, fuel, and wages despite the retailer enjoying solid consumer spending.
Walmart still beat estimates of $139.09 billion in revenue to post $141.57 billion in sales. The revenue was an improvement of 2.4% from the prior year, adversely affected by $5.0 billion of divestitures.
Walmart’s total comparable sales in the US grew by 3.0% in the first quarter and 9.0% on a two-year stack. US eCommerce sales improved by just 1% or 38% on a two-year stack.
Walmart International net sales came at $23.8 billion, a decline of 13.0% from the prior year, reflecting a $5.0 billion divestitures hit.
WMT: NYSE is down -6.02%.
