NEW YORK, May 17 — Walmart Inc cut its full-year profit forecast today, signalling a bigger knock to the retail giant’s profit margins from surging costs of everything from fuel to labour.Walmart has fared better than most rivals in maintaining inventory levels due to its massive scale and negotiating power with suppliers, but costs have soared as it expedited shipments and chartered cargo ships to get products on shelves.
Net income attributable to the company slumped nearly 25 per cent to US$2.05 billion in the three months ended April 30. The company said it expects fiscal 2023 earnings per share to fall about 1 per cent, compared to its previous forecast of a mid-single digit increase.
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