Walmart Lifts Profit Outlook But Stays Cautious on US Consumers
- Retailer posts big sales increases in stores and e-commerce
- CFO says company’s view on rest of year hasn’t changed much
Shoppers outside a Walmart store in Chicago, Illinois.
Photographer: Christopher Dilts/BloombergThis article is for subscribers only.
Walmart Inc. lifted its annual profit forecast after its discount model powered new market-share gains in the US, but Chief Financial Officer John David Rainey said the retailer is retaining a cautious view on US consumers.
The outlook for the rest of the year “hasn’t changed appreciably” after higher-than-expected earnings in the first quarter spurred the improved outlook, Rainey said as Walmart reported financial results Thursday. During the quarter, sales were strongest in February, then softened in March and April, he said, echoing comments by Target Corp. on Wednesday.