Walmart Releases Third Quarter Earnings
Nov 16, 2023 By MarketDepth
Walmart (WMT:NASD) announced third-quarter earnings which came in 5.2% higher than last year at $160.8 billion. This is higher than analyst expectations at $159.13 billion. The company also logged an increase in same-store sales which came in at 4.7% compared to expected 3.35%.
Walmart shares dropped 7% intraday on the lower-than-expected per-share guidance which came in at $6.40-6.48.
“In our research, themes like uncertainty, caution, and management of budgets are top of mind. Consumers are still bringing up pressures like higher interest rates, increased credit card debt, and reduced savings rates have left them with less discretionary income, forcing them to make trade-offs.”Target chairman and CEO Brian Cornell