The Clap
Walmart (NYSE: WMT) reported better-than-expected earnings as demand remained strong and discounts helped cut excess inventories.
The Deets
The company raised its annual forecast for net sales growth to 5.5%, above the previous 4.5% increase.
In addition, the company announced a $20 billion share buyback program, driving the company’s stock up more than 6%
So What
Increasing food prices have pushed consumers to switch to lower-quality food items, driving sales during Q3 up.
Now What
Despite the holiday season, Walmart expects consumer spending to slow down, as costs continue to increase.
Other major retailers recorded increases following the news.
