CORPORATE.WALMART.COM
Higher staffing costs, bloated inventories and more expensive fuel took a toll on retailer profits, contributing to a market rout that saw Wall Street post its worst day since mid-2020 on Wednesday. Walmart Inc., the nation’s largest retailer, posted a quarterly profit that fell 25%, marking its first miss in five quarters. The gap of 12.3% between Wall Street’s expectations and Walmart’s earnings per share figure was its widest since at least 2017.
“Now that Target missed earnings a lot more than Walmart even did, they’re scared that the consumer is not as strong as everybody thinks.” “The biggest surprise was the inventory markdowns and rollbacks . I don’t think any analyst was expecting that,” CFRA analyst Arun Sundaram told Reuters.Target’s inventories were up 43% in the first quarter, as unsold televisions and bulky kitchen appliances piled up, while Walmart’s rose 32% in the quarter.
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