Walmart will report earnings before the bell — here's what to expect

  • 📰 CNBC
  • ⏱ Reading Time:
  • 60 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 72%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Walmart cut its profit outlook this summer but has attracted customers with low-priced groceries.

and other retailers have kicked off the holiday season early. Walmart threw its own sales event in October to coincide with Amazon's second Prime Day-like sales event of the year. Walmart is also spreading out Black Friday deals well ahead of the day after Thanksgiving, with fresh promotions dropping every Monday in November.

As inflation runs hot, however, Walmart may benefit from its strength in grocery and reputation for low prices. It is the largest grocer in the country, with about 56% of its annual revenue coming from groceries last fiscal year. Already, Walmart has said it has drawn new and higher-income customers. In August, Walmart Chief Financial Officer John David Rainey told CNBC that about three-quarters of Walmart's market share gains in food came from customers with annual household incomes of $100,000 or more.

By dangling cheaper groceries and essentials, Walmart hopes it can also nudge shoppers across the aisle to buy clothes, toys and other items.cut its full-year profit outlook in JulyIt said it expects same-store sales for Walmart U.S. to grow by about 3%, excluding fuel, for the second half of the year, or about 4% for the full year. It anticipates adjusted earnings per share will decline between 9% and 11% for the full year.

Shares of Walmart are down about 4% so far this year, outperforming the approximately 17% drop of the S&P 500 index. The company's shares closed Monday at $138.39, bringing Walmart's market value to about $375.62 billion.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

FTX fallout, Walmart earnings, retail sales and inflation data top week aheadInvestors are monitoring the FTX fallout as well as a corporate earnings from Walmart and other big retailers and key economic reports on retail sales and producer prices. One of our local Walmart stores would have better sales if the merchandise in the 30 storage trailers outside the store actually made it to the shelves. Walmart Walmart and Amazon are prime examples of end-stage capitalism. Junk $ for junk products with no practical alternatives. GreatReset MULN MullenAutomotive a really good buy right now
Source: FoxBusiness - 🏆 458. / 53 Read more »