Walmart lifts full-year sales and profit forecast, shares rally

FILE PHOTO: FILE PHOTO: View of an aisle with new signage at Walmart 's newly remodeled Supercenter, in Teterboro -U.S. retail giant Walmart raised its full-year forecast and reported better-than-expected first-quarter results on Thursday, betting on easing inflation to further boost demand for essentials and bring a rebound in sales of discretionary products like apparel and electronics.

The strong performance by the nation's largest retailer could assuage some investors' fears about ebbing U.S. consumer spending. Americans have largely been able to weather higher prices but a long bout of inflation has raised concerns that shoppers could become more constrained and a recovery in spending will be slower than previously expected.While U.S.

First-quarter adjusted earnings per share came in at 60 cents easily beating the 52-cent average forecast. Total revenue of $161.51 billion also topped estimates. It also expects adjusted profit per share to be at the high end or slightly above its prior estimate of $2.23 and $2.37, it said on Thursday.U.S.-listed shares of the company, which in March said would trim 17% of its global corporate workforce, rose 15% in premarket trade. Luxury brands are seeing a sturdy demand for high-end products in Asia-Pacific, defying a broader slowdown in key market China which is grappling with a property crisis and youth unemployment.

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