In Q1, Walmart US is experiencing slowed sales growth, and its operating income gets a $1 billion hit. On a brighter note, the retailer got relief as the US comparable sales went up by 3% and were up 9% from 2020. Brett Biggs, Walmart’s Chief Financial Officer, reported the mentioned figures in a press release. CEO Doug McMillon blames rising inflation, especially the inflating fuel, container, storage and other costs. Consumer changing behaviour to save money led them to stop purchasing high-margin general inventory. Walmart’s gross profit rate fell narrowly by 38 basis points, and the supply chain cost spike was the main reason.
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