Walmart steers through inflation, boosting profit and sales

By ANNE D’INNOCENZIO
The Associated Press

NEW YORK (AP) — Walmart muscled through rising inflation, surging costs related to COVID-19 sick leave and snarled global supply chains to put up strong fiscal fourth quarter results. The Arkansas company reported Thursday that its quarterly profit reached $3.56 billion, or $1.28 per share. Per-share earnings adjusted for one-time costs and benefits was $1.53, or 3 cents better than Wall Street expected. Revenue edged up to $152.87 billion. Last year during the same period the company lost $2.9 billion due partly to costs related to the pandemic. Walmart is the first major retailer to report fourth-quarter fiscal results, which include the critical holiday shopping period, and is a major barometer of spending.