NEW YORK, NY—When Walmart on Thursday reports how it fared during the holiday quarter, investors also will want to see how higher labor, transportation, and materials may affect the retailer’s margins, given its “Everyday Low Price” strategy. Refinitiv estimates total gross margins to be 23.90 percent in the fourth quarter, down from 25.26 percent in the prior quarter, while revenue is expected to fall 0.6 percent to $151.15 billion. Walmart U.S. CEO John Furner said on a November call with analysts that Walmart would be “the last” major retailer to raise prices on its merchandise, thanks to its relationships with suppliers. “We’ve got so many suppliers to work with, and choose from … that can do things” to keep prices low despite inflation, he said. “As the months progress, we expect to find more” suppliers willing to roll back prices, he said at the time.​ But some investors questioned whether …