300
Fashion Jobs
L'OREAL GROUP
Assistant CRM Manager
Permanent · HONG KONG
L'OREAL GROUP
Key Account Manager
Permanent · HONG KONG
H&M
Total Rewards Manager, Supply Chain
Permanent · TSIM SHA TSUI
H&M
Accounts Specialist
Permanent · TSIM SHA TSUI
ESTÉE LAUDER COMPANIES
Assistant Demand Planning Manager
Permanent · HONG KONG
ESTÉE LAUDER - BRAND
Retail Marketing Manager, Estée Lauder
Permanent · HONG KONG
CLINIQUE
Assistant Education Manager, Clinique
Permanent · HONG KONG
CLINIQUE
Senior Marketing Manager, Clinique
Permanent · HONG KONG
TOMMY HILFIGER
Senior Manager, Creative Services, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
AESOP
Retail Consultant
Permanent · SHA TIN
NEWELL
Senior Manager, Indirect Sourcing
Permanent · HONG KONG
L'OREAL GROUP
Group Product Manager
Permanent · HONG KONG
ADIDAS
Senior Manager, Materials Availability Management
Permanent · HONG KONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
PUMA
Manager Innovation Technical Apparel
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · HONG KONG
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · HONG KONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
By
Reuters API
Published
May 17, 2022
Reading time
2 minutes
Download
Download the article
Print
Text size

Walmart cuts full-year profit forecast as fuel, labor costs spike

By
Reuters API
Published
May 17, 2022

Walmart Inc cut its full-year profit forecast on Tuesday, signaling a bigger knock to the retail giant's profit margins from surging costs of everything from fuel to labor.


Reuters


The company's shares fell 6.5% to $138.51 in premarket trading.

Walmart has fared better than most rivals in maintaining inventory levels due to its massive scale and negotiating power with suppliers, but costs have soared as it expedited shipments and chartered cargo ships to get products on shelves.

An increase in wage costs led to operating expenses as a percentage of net sales rising by 45 basis points in the first quarter, Walmart said.

Net income attributable to the company slumped nearly 25% to $2.05 billion in the three months ended April 30.

"U.S. inflation levels, particularly in food and fuel, created more pressure on margin mix and operating costs than we expected," Chief Executive Officer Doug McMillon said in a statement.
The company said it expects fiscal 2023 earnings per share to fall about 1%, compared to its previous forecast of a mid-single digit increase.

Walmart also tempered its second-quarter earnings expectations. The company now estimated earnings per share to be flat to up slightly, compared to a previous forecast of a low to mid-single digit increase.

Total revenue for the first quarter rose 2.4% to $141.57 billion, beating analysts' average estimate of $138.94 billion, according to IBES data from Refinitiv.

Walmart has averaged a 4.9% increase in monthly visits since the start of 2022 compared to the same period in 2021, Placer.ai data showed, as its resistance to raising prices pulled in more price-conscious shoppers feeling the strain of persistent inflation.
 

© Thomson Reuters 2024 All rights reserved.