Walmart cuts profit forecast, blames food and fuel inflation

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Adjusted earnings per share for the second quarter will decline around 8% to 9% and full-year earnings will fall 11% to 13%. Excluding divestitures, full-year earnings per share are expected to drop 10% to 12%, the company said in a statement.

“The increasing levels of food and fuel inflation are affecting how customers spend … we’re now anticipating more pressure on general merchandise in the back half,” Doug McMillon, Walmart’s chief executive officer, said.