The American retail giant Walmart increased its net profit in the first quarter of its fiscal year to $5.1 billion from $1.67 billion in the same period last year.
Revenues rose by six percent to $159.9 billion. Both profit and revenue exceeded analysts’ estimates, and the company improved its sales and profit outlook for the entire year.
The company anticipates that easing inflation will further increase demand for basic products and lead to a revival in the sales of discretionary items, such as electronics.
The shares of the company, which is the world’s largest retailer, responded to the results and outlook with strong growth.
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