Walmart issued a weaker-than-expected financial outlook Thursday despite reporting solid first-quarter sales, raising fresh concerns about the health of American consumers as high fuel prices continue straining household budgets.
The retailer forecast annual adjusted earnings between $2.75 and $2.85 per share, below Wall Street expectations, according to LSEG data cited in the report. Walmart also projected softer second-quarter earnings guidance.
Walmart maintained its annual targets, anticipating sustained demand for affordable groceries and growth in its e-commerce business despite economic challenges.
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Finance chief John David Rainey told CNBC that higher gas prices are expected to place more pressure on shoppers as tax refund benefits fade during the coming months. He said the company is closely monitoring consumer behavior while absorbing some fuel-related costs internally.
Walmart still reported strong quarterly results, with revenue rising 7% to $177.8 billion and net income climbing to $5.33 billion. Global e-commerce sales increased 26%, while the company’s advertising business jumped 37%.
The report said Walmart continues attracting value-focused shoppers amid inflation, geopolitical tensions and broader economic uncertainty tied partly to the ongoing Iran conflict.
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TIPP Staff
