Walmart, the largest retailer and private employer in the U.S., beat Wall Street expectations as shoppers respond to the thousands of grocery price cuts.
Walmart, the largest retailer and private employer in the U.S., reported another strong quarter, surpassing Wall Street expectations as it enticed shoppers with more discounts on groceries. The Arkansas-based company reported consolidated revenue climbed 4.8% to $169.34 billion during the three-month period ending July 31, higher than the $168.53 billion Wall Street expected. Adjusted earnings per share came in at $0.67, also above the $0.65 analysts expected.
In a positive sign, though, inflation eased in July. However, consumers still saw a rise in food prices, which have been a constant pain point for many households for years. The cost of food rose 0.2% over the course of the month, which included a 0.1% increase in groceries. Since 2021, grocery prices have surged more than 21%. In April, the company ramped up its grocery rollbacks, up 45% year over year, to keep sales strong, especially among price-sensitive shoppers.
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