Walmart shows how investors are in a nostalgic mood. The U.S. retailer got hammered by inflation, forcing it to slash its fiscal 2023 outlook. Yet its shares have performed better this year than Amazon, write GinaChon, jennifersaba:
Walmart on May 17 reported a 2.4% increase in revenue for the first quarter ending April 29 of its 2023 fiscal year, while net income fell by almost 25% to about $2 billion.
Partly because of inflation and higher wage costs, the U.S. retailer cut its fiscal 2023 guidance from an operating income growth of 3% to a decline of 1%.The logo of Walmart is pictured at one of their stores in Monterrey, Mexico March 6, 2017.
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