NEW YORK (AP) — Walmart’s first-quarter profit slipped, and it said it must raise prices due to higher costs from tariffs implemented by President Donald Trump.
The nation’s largest retailers posted strong quarterly sales Thursday and said it expects sales growth of 3.5% to 4.5% in the second quarter.
Like many other U.S. companies, however, it did not issue a profit outlook for the quarter because of the chaotic environment, with stated U.S. tariff policies changing constantly. The company maintained its full-year guidance issued in February.
Many Americans have pulled back on spending as they grow uneasy about the economy. Government data revealed slowing sales growth for retailers Thursday. Walmart said Thursday that its consumers remain cautious and selective. Trump’s tariffs on China and other countries threaten the low-price model that is at the core of Walmart’s success.
Trump’s threatened 145% import taxes on Chinese goods were reduced to 30% in a deal announced Monday, with some of the higher tariffs on pause for 90 days.
