Walmart posted full fiscal year net income of $11.68 billion, down 14.6% compared with the previous fiscal year, but revenue and earnings per share beat expectations. The Bentonville-based global retailer posted the earnings report early Tuesday (Feb. 21).
Ben Bienvenu, a retail analyst with Little Rock-based Stephens Inc., said in a Feb. 17 investor note he remains bullish on Walmart’s future. He said the retailer is best positioned to hold and gain market share during an economic slowdown.
“We think the worst of the food price inflation is behind us, but we expect the lag effect of higher costs rolling through budgets for food producers to continue to keep prices elevated, and while there are pockets of steep pricing declines off of peak levels seen in the summer of last year in select fresh categories, center of the store food prices are stubbornly high,” he said in the investor note. “However, we think that as we move into the middle of calendar 2023, we are much more likely to see moderation in food inflation vs. the alternative.”
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