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7/25/2022, 10:31 PM (Source: TeleTrader)
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Walmart cuts profit outlook for fiscal year 2023

Walmart Inc. announced on Monday that it revised down its profit projections for the second quarter of fiscal 2023, as well as for the full fiscal year 2023.

"The increasing levels of food and fuel inflation are affecting how customers spend, and while we've made good progress clearing hardline categories, apparel in Walmart U.S. is requiring more markdown dollars. We're now anticipating more pressure on general merchandise in the back half; however, we're encouraged by the start we're seeing on school supplies in Walmart U.S.," company President and CEO Doug McMillon noted in a press release.

Walmart shares dropped over 8% in after-hours trade following the announcement.

Baha Breaking News (BBN) / MS