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3. Walmart Inc. (NYSE:WMT)

Number of Hedge Fund Holders: 60

Shares of Walmart Inc. (NYSE:WMT) rose nearly four percent this morning after posting its fiscal second-quarter results above expectations. The retail giant earned $1.77 per share on an adjusted basis, marginally down from adjusted earnings of $1.78 per share in the year-ago period.

In addition, Walmart Inc. (NYSE:WMT) posted revenue of $152.9 billion, up 8.4 percent over the comparable period of 2021. The results were better than the consensus of $1.63 per share for earnings and $150.9 billion for revenue.

Looking forward, Walmart Inc. (NYSE:WMT) expects consolidated sales of about 4.5 percent for its fiscal 2023. Moreover, it expects its full-year adjusted EPS to drop in the range of 9 – 11 percent, compared to its earlier outlook calling for a decline of 11 – 13 percent.

Discussing the results, CEO of Walmart Inc. (NYSE:WMT), Doug McMillon, said:

“We’re pleased to see more customers choosing Walmart during this inflationary period, and we’re working hard to support them as they prioritize their spending. The actions we’ve taken to improve inventory levels in the U.S., along with a heavier mix of sales in grocery put pressure on profit margin for Q2 and our outlook for the year. We made good progress throughout the quarter operationally to improve costs in our supply chain, and that work is ongoing.”