NEW YORK (AP) — Walmart reported better-than-expected second quarter results as more Americans looked to cut costs on groceries at the nation’s largest retailer in the face of surging inflation.
Those rising prices, however, meant that customers where cutting back on non-necessary purchases.
Walmart Inc. earned $5.15 billion, or $1.88 per share, or $1.77 excluding one-time costs and charges.
That easily beat the $1.62 per share that Wall Street was looking for, according to FactSet.
It also topped last year’s profit of $4.27 billion.