By Jennifer Tershak

Walmart Inc. cut its outlook for the second quarter and year, citing pricing actions aimed at improving inventory levels at Walmart and Sam's Club in the U.S.

On currency and sales guidance:

"Consolidated net sales growth for the second quarter and full year is expected to be about 7.5% and 4.5%, respectively. Excluding divestitures, consolidated net sales growth for the full year is expected to be about 5.5%."

"Net sales include a headwind from currency of about $1 billion in the second quarter. Based on current exchange rates, the company expects a $1.8 billion headwind in the second half of the year."

On customer spending:

"The increasing levels of food and fuel inflation are affecting how customers spend, and while we've made good progress clearing hardline categories, apparel in Walmart U.S. is requiring more markdown dollars. We're now anticipating more pressure on general merchandise in the back half," said Doug McMillon, president and CEO.

Write to Jennifer Tershak at jennifer.tershak@wsj.com

(END) Dow Jones Newswires

July 25, 2022 17:29 ET (21:29 GMT)

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