Walmart Cuts Outlook, Sees Headwinds From Exchange Rates -- Currency Comment
July 25 2022 - 5:44PM
Dow Jones News
By Jennifer Tershak
Walmart Inc. cut its outlook for the second quarter and year,
citing pricing actions aimed at improving inventory levels at
Walmart and Sam's Club in the U.S.
On currency and sales guidance:
"Consolidated net sales growth for the second quarter and full
year is expected to be about 7.5% and 4.5%, respectively. Excluding
divestitures, consolidated net sales growth for the full year is
expected to be about 5.5%."
"Net sales include a headwind from currency of about $1 billion
in the second quarter. Based on current exchange rates, the company
expects a $1.8 billion headwind in the second half of the
year."
On customer spending:
"The increasing levels of food and fuel inflation are affecting
how customers spend, and while we've made good progress clearing
hardline categories, apparel in Walmart U.S. is requiring more
markdown dollars. We're now anticipating more pressure on general
merchandise in the back half," said Doug McMillon, president and
CEO.
Write to Jennifer Tershak at jennifer.tershak@wsj.com
(END) Dow Jones Newswires
July 25, 2022 17:29 ET (21:29 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Walmart (NYSE:WMT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Walmart (NYSE:WMT)
Historical Stock Chart
From Jul 2023 to Jul 2024