Walmart's earnings beat allays worry over tariff impact for now

WASHINGTON: U.S. retailer Walmart Inc reported strong second quarter results and raised its earnings expectations for the year, temporarily sidestepping concerns around consumer demand in the wake of tariffs on imports from China.

The retailer gets 56 percent of its revenue from food and grocery sales, which allows it to manage the pressure from tariffs better than many rivals, analysts said. The move offered relief to the retail industry but will do little to mitigate the impact on consumers during the holiday season. Most retailers have purchased their holiday-season merchandise, and the inventory has for the most part already arrived at U.S. ports and warehouses.

Adjusted earnings per share increased to US$1.27 per share, beating expectations of US$1.22 per share. Walmart’s online expansion has come at a cost to profitability and losses at the U.S. e-commerce business could rise to about US$1.7 billion this year from US$1.4 billion in 2018, according to estimates from Morgan Stanley.

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