BENTONVILLE, Ark. (KNWA/KFTA) — For the second straight day, Walmart’s stock price took a hit after it reported lower-than-expected earnings in the first quarter.
On May 18, the stock dropped nearly 7% after plummeting over 11% on Tuesday.
The Bentonville-based retailer cited inflation’s effect on fuel and food prices, as well as ongoing supply chain issues, as factors for its failure to meet earnings expectations.
Other American retailers also reported disappointing earnings this week, and on Wednesday, the S&P dipped by 4% for its worst single-day performance since 2020. The NASDAQ Composite fell 4.7%, while the Dow shed over 1,100 points (3.6%).