Walmart Inc. nudged up its annual profit forecast on Tuesday, partly reversing a hefty cut less than a month ago, as discounts to clear excess merchandise and lower fuel prices helped it beat expectations for quarterly sales.
The stock, which has fallen over 8 percent this year, rose 3.7 percent in premarket trading. Shares of rivals Target Corp., Costco and Best Buy also climbed on the news, while futures for the blue-chip Dow index cut losses.
Walmart said it now expected fiscal 2023 adjusted earnings per share to fall 9–11 percent.
Last month, the top U.S. retailer spooked markets across the globe when it forecast a drop of 11–13 percent—down from previous guidance for a 1 percent fall—and warned consumers were pulling back on discretionary purchases at a far greater pace than feared as soaring inflation hit their spending power….