The company also raised its full-year net sales expectations and announced a new $20 billion share buyback plan, pushing its shares up 7% in premarket trading.Sales of food and other essentials that fill much of Walmart's shelf space have proved resilient, even as shoppers cut back on discretionary spending amid decades-high inflation.
"We significantly improved our inventory position in the third quarter, and we'll continue to make progress as we end the year," he added. The company also forecast its holiday quarter US same-store sales, excluding fuel, to increase about 3%, below estimates of a 3.4% increase. Rainey attributed the forecast to a cautious outlook on the consumer.Fourth-quarter adjusted earnings per share for Walmart are expected to decline 3% to 5%, compared to analysts' estimates of a 4.5% fall.