(New York) The American supermarket giant Walmart reassured Wall Street on Tuesday by readjusting its annual profit forecast upwards, three weeks after issuing a profit warning that had shaken financial markets.
Posted at 8:35 a.m.
The group said Tuesday, when publishing its quarterly results, that it expected its operating profit to decline by 9% to 11%, less than the 11% to 13% expected so far.
The New York Stock Exchange reacted positively to this revision, the action of Walmart amounting to more than 4% in electronic trading prior to the opening.
“We are pleased that more customers are choosing Walmart in this time of inflation and we are working hard to support them as they watch their spending,” Walmart chief Doug McMillon said in a statement.
The group announced in late July that its profits would be eroded as customers spend more on food and gasoline due to inflation and less on other goods.
This situation forces Walmart to offer reductions on other products, with higher margins, to be able to sell its stocks.
In the second quarter of its staggered fiscal year, the Bentonville (Arkansas) company achieved a turnover of 152.9 billion dollars, up 8.4% year on year and above market expectations.
Its sales in number of comparable stores (excluding fuel prices) increased by 6.5%. Walmart estimates that they will increase by 3% over the whole of the second half of 2022.
The group’s quarterly net profit was 5.1 billion dollars (+20.4%).