Walmart profit hit as inflation afflicts low-wage earners

Published May 17, 2022 6:55 AM

By ANNE D’INNOCENZIO
AP Business Writer

NEW YORK (AP) — Walmart reported stronger sales for the first quarter, but its profit took a beating as the nation’s largest retailer grappled with surging inflation on food and fuel and higher costs from a snarled global supply chain. The company also on Tuesday cut its full-year earnings forecast, sending shares down nearly 7% before the opening bell. If that trend holds, it will be the biggest percentage decline in the company’s share price in more than two years. Walmart reported earnings of $2.05 billion, or adjusted per share earnings of $1.30. That’s still far short of the per-share earnings of $1.48 that Wall Street had expected.

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