Walmart sets aside supply chain worries to raise annual sales, profit forecasts

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Nov 16 (Businesshala) – Walmart Inc on Tuesday shrugged off worries of a hit from the global supply chain crisis to raise its annual sales and profit forecast, banking on rising demand expected during the crucial holiday season.

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The retail giant said inventory in the United States was up 11.5% ahead of the busy festive season, even as shipping logjams cause companies to struggle to fill their shelves.

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“We have the people, products and prices to deliver a wonderful holiday season for our customers and members,” Chief Executive Officer Doug McMillan said in a statement.

The company expects full-year U.S. same-store sales to be 6% higher than its prior forecast of 5% to 6% growth. Adjusted profit is expected to range from $6.20 to $6.35, up from the previous range of $6.40 per share.

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In the third quarter, sales at US stores rose 9.2% over at least a year, excluding fuel, benefiting from higher grocery demand and more people shopping at stores. Analysts had forecast a gain of 7.04%, according to Refinitiv data.

Overall operating, selling, general and administrative expenses increased 3.9% in the quarter, while operating income increased marginally to $5.79 billion.

Walmart’s total revenue rose 4.3% to $140.53 billion, better-than-expected and earned $1.45 per share on an adjusted basis.

Reporting by Aishwarya Venugopal in Bengaluru and Richa Naidu in Chicago; Editing by Arun Koyur

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