Walmart revised its profit forecast for the year weeks after sounding the alarm. The $360 billion retailer's whiplash is becoming the norm, says jennifersaba.
that profit would fall for the year by as much as 13%, the company led by Doug McMillon said on Tuesday that the situation is now brightening.
Walmart stores remain piled high with excess clothes and electronics. Inventory for the quarter ending July 31 jumped 26% from a year earlier, to $60 billion, a slight improvement on the 32% rise the previous quarter. The $360 billion company also is attracting more customers with discounts. As such, Walmart againits profit outlook for the year, expecting the bottom line to fall as much as 11%. It’s the third revision since May, when Walmart thought earnings would decline just 1%.
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