Walmart Jumps Most Since 2020 After Tempering Gloom Over Profit
- Company sees progress on inventory bloat, supply-chain costs
- CEO touts boost from wealthier customers, falling fuel prices
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Walmart Inc. surged the most in almost two years as a less-dire profit forecast signaled that the retail giant is finding its footing after slashing its outlook three weeks ago.
Results improved more than expected in late July thanks to robust back-to-school sales, lower fuel prices and more buying by wealthier customers seeking bargains, Walmart Chief Executive Officer Doug McMillon said Tuesday. The company has slowed inventory growth and will be well positioned for the holiday season, he said.