NEW YORK: Walmart expects higher annual profits and expressed confidence on Tuesday that the chain will have sufficient inventories for the holidays despite the global supply chain snarls that have fueled inflation and created shortages.
The big-box retail giant reported better-than-expected third-quarter results as comparable sales at US stores jumped amid strong consumer activity.
Walmart’s reputation for affordability in the current worrisome inflationary environment contributed to the boost in sales, according to aleading retail industry analyst. But executives acknowledged that the chain is not passing on to consumers all of the costs incurred from higher labor and supply chain costs.
“Our momentum continues with strong sales and profit growth globally,” Walmart Chief Executive Doug McMillon said. “Looking ahead, we have the people, the products, and the prices to deliver a great holiday season for our customers and members.”
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