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AP National Business

Walmart Q1 profit dragged down as inflation takes a bite

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Published 5:20 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 more than 8% in morning trading. 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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