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US-based global retailer Walmart saw its operating income fall 23% this January-March due to record high inflation, according to its financial results statement released Tuesday.
The world's largest retailer posted an operating income of $5.3 billion in the first three months of the year, which the company considers the first quarter of the 2023 fiscal year.
This marked a $1.6 billion, or 23.2%, decline from $6.9 billion in the same period last year.
Consolidated net income attributable to Walmart fell 24.9% to $2.05 billion, from $2.73 billion, during the period.
Revenue, on the other hand, rose slightly to $141.6 billion – up $3.3 billion, or 2.4%, from $138.3 billion year-on-year.
"Bottomline results were unexpected and reflect the unusual environment," Walmart President and CEO Doug McMillon said in the statement. "US inflation levels, particularly in food and fuel, created more pressure on margin mix and operating costs than we expected."
Walmart's stock price was down 6.7% to $138.24 per share in pre-market before the opening on the New York Stock Exchange at 1150GMT, after closing the previous session at $148.21 per share.
US annual consumer inflation posted an increase of 8.3% in April, and an 8.5% gain in March, still hovering around its highest level in more than 40 years. -
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