Walmart reported stronger than expected earnings in the three months to the end of April, allowing it to raise its full-year estimates and buck the more wary tone about US consumer spending set by rivals Home Depot and Target this week.
“Stubborn inflation” in dry grocery and consumables was still weighing on some families and creating uncertainty about the outlook for the second half of the year, Doug McMillon, Walmart’s chief executive officer, told analysts on an earnings call.
Despite a 4 percentage point fall in headline inflation in food and consumables over the quarter, food prices remained more than 20 per cent above their level two years ago, said John David Rainey, the group’s chief financial officer.
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