Walmart Q1 profit dragged down as inflation takes a bite

(AP) — Walmart reported stronger sales for the first quarter, but its profit took a beating as the nation’s largest retailer grappled with surging inflation on food and fuel and higher costs from a snarled global supply chain. 

The company also on Tuesday cut its full-year earnings forecast, sending shares down more than 8% in morning trading. 

Walmart reported earnings of $2.05 billion, or adjusted per share earnings of $1.30. 

That’s still far short of the per-share earnings of $1.48 that Wall Street had expected.