Walmart has announced earnings of 5,450 million dollars (5,230.61 million euros) in the first nine months of the year, 46.5% less in relation with the 10,111 million dollars (9,703.98 million euros) of the same section of last year 2021, in part, due to the payment of a million-dollar fine to avoid trials for his alleged involvement in the opioid crisis in the United States.
The publication of financial results coincides with the announcement of Walmart that it has reached an agreement at the national level in the American country to pay 3,100 million dollars (2,975.87 million euros) for his alleged involvement in the opioid crisis in the country, thus avoiding the opening of legal proceedings in federal, state or local courts.
In this sense, the results show that operating expenses include 3,300 million dollars (3,166.61 million euros) “related to opioid legal settlements”. Between January and September Walmart billed 447,241 million dollars (429,132.81 million euros), 6.5% more year-on-year.
In the third quarter of the fiscal year, the supermarket chain registered some losses of 1,798 million dollars (1,725.2 million euros), compared to earnings of 3,105 million dollars (2,978.98 million euros) in the same period of 2021.
Likewise, between july and septemberthe company billed 5,405 million dollars (5,185.65 million euros)46.5% less than in the third quarter of last year.
On a call with investors, doug mcmillon, Walmart CEOhas assured that in this period the company had benefited from the return of face-to-face classes in the United States and from other events worldwide, among which he generally cited festivals in India and China.
Similarly, the CEO has pointed out that as electronic commerce grew during the pandemic, ad revenue has also increased that promote sponsored searches.
The results of Walmart were well received by investors and in the early stages after the opening of operations on Wall Street, company shares rose nearly 7%.
Walmart sees smaller annual profit drop
Nevertheless, Walmart has predicted a smaller drop in annual earnings because the demand for food is maintained despite price inflation.
The company has raised its full-year net sales expectations and has announced a new share repurchase plan worth 20,000 million dollars (19,185.75 million euros).
The company has further indicated that it expects adjusted earnings per share for fiscal 2023 to fall between 6 and 7%, compared with its previous forecast of a decline of 9 to 11%.
Walmart It has also underlined that it expects fiscal 2023 net sales to grow by 5.5%, compared with its previous forecast of a 4.5% increase.
