Walmart boosts outlook after a strong first quarter and rising online sales
Walmart, the largest retailer in the U.S. reports strong sales in the first quarter. Walmart boosted its outlook, reporting that sales rose 7.6% to $152.3 billion in the first quarter ending April 30th, yielding a net income of 1.67 billion, adjusted earnings came to a dollar 47 per share, exceeding Wall Street expectations, CEO Doug mcmillon spoke on an investor relations call this morning. Sales growth was strong globally, including growth of 26% in ecommerce. Earnings reports from Home Depot and target this week point to profit declines, while recent government data revealed that Americans are barely keeping up with inflation. Walmart's financial performance hints at ways that consumers are weathering higher prices, like trading name brand groceries for store brands. And the drag grocery and consumables categories like paper goods, we continue to see high single digit to low double digit cost inflation. We all need those prices to come down. I'm Jennifer King.