Walmart reported better profits than expected for the critical holiday-season quarter but offered a cautious outlook on the year ahead.
Walmart reported solid profits but offered a cautious outlook that weighed on shares.NEW YORK - Walmart reported better profits than expected for the critical holiday-season quarter but offered a cautious outlook on the year ahead as inflation squeezes consumers.
But McMillon said the chain's expanded e-commerce and delivery business were drawing in more middle- and high-income shoppers. That helped offset the hit from lower sales in areas like toys, electronics and home goods, which have higher profit margins but which have been less sought-after as shoppers pay more for fuel and household staples.
Walmart also sees net sales growth of at most three percent, less than half the revenue growth over the last year. Revenues were slightly below analyst expectations and Home Depot's projection of flat sales in 2023 also came up short. The company also forecast a dip in earnings per share. Home Depot announced it will invest an additional $1-billion in hourly staff, citing the need to attract and retain frontline workers.
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