Why Walmart Stock Plunged Today
Shares of Walmart (NYSE: WMT) sank 11.4% on Tuesday after the retail giant's profits fell short of investors' expectations.
Walmart's revenue rose 2.4% year over year to $141.6 billion in its fiscal 2023 first quarter, which ended on April 30. The gains were driven by a 3% rise in the retailer's U.S. comparable-store sales (excluding fuel) and a 10.2% jump in its Sam's Club comps.
Walmart's international net sales, however, decreased by 13%. The decline was due largely to the company's sale of its operations in the U.K. and Japan in the first quarter of fiscal 2022.
Source Fool.com
