Walmart struck a cautious note in its economic outlook on Tuesday as the retail bellwether forecast full\u002Dyear earnings below estimates.
“There’s still a lot of trepidation and uncertainty with the economic outlook. Balance sheets are continuing to get thinner, savings rate is roughly half of what it was at a pre-pandemic level and we’ve not been in a situation like this where the Fed is raising at the rate that it does,” Chief Financial Officer John David Rainey told Reuters.Article content
The forecast includes a 14-cent estimated impact from an accounting charge related to moderating inflation in key merchandise categories and reduced inventory levels at its Walmart U.S. and Sam’s Club business, the company said. This, however, is the type of environment that favors Walmart as a growing share of Americans feel the bite of inflation, CFRA analyst Arun Sundaram said.
CFO Rainey said the company had gained both dollar and volume share from rivals in the fourth quarter.
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