Walmart Inc(WMT.N)on Tuesday brushed aside concerns of a hit from the global supply chain crisis to raise its annual sales and profit forecasts, banking on soaring demand expected during the crucial holiday season.
The retail giant said inventory in the United States was up 11.5% ahead of the busy festive season even as companies struggle to keep their shelves filled due to shipping logjams.
"We have the people, the products, and the prices to deliver a great holiday season for our customers and members," Chief Executive Officer Doug McMillon said in a statement.
The company expects full-year U.S. same-store sales to be more than 6% higher than its prior forecast of a 5% to 6% rise. Adjusted profit is expected to be around $6.40 per share up from a previous range of $6.20 to $6.35.
In the third quarter, sales at U.S. stores open at least a year rose 9.2%, excluding fuel, benefiting from higher grocery demand and people buying more at stores. Analysts had estimated a gain of 7.04%, according to Refinitiv data.
Overall operating, selling, general and administrative expenses rose 3.9% in the quarter, while operating income rose marginally to $5.79 billion.
Walmart's total revenue grew by a better-than-expected 4.3% to $140.53 billion and on an adjusted basis it earned $1.45 per share.
Its shares rose over 2% in premarket trading.
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