Walmart Inc. on Monday said it was cutting its forecast for full-year profit, due to pricing actions aimed to improve inventory levels at Walmart and Sam’s Club in the United States.
Adjusted earnings per share for the second quarter will decline around 8% to 9% and full-year earnings will fall 11% to 13%. Excluding divestitures, full-year earnings per share are expected to drop 10% to 12%, the company said in a statement.
"The increasing levels of food and fuel inflation are affecting how customers spend ... we're now anticipating more pressure on general merchandise in the back half," Doug McMillon, Walmart's chief executive officer, said.
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