Strong sales, profit from Walmart on cusp of holiday season

By ANNE D’INNOCENZIO
The Associated Press

NEW YORK (AP) — Walmart topped almost all expectations in the third quarter, an encouraging sign for the upcoming holiday shopping season already beset by snarled supply chains and rising costs. The Bentonville, Arkansas, company also raised its full-year earnings guidance and shares rose before the opening bell Tuesday. It did not escape some of the supply chain issues that have settled across almost every economic sector. The company says consolidated gross profit rate took a hit primarily due to increased supply chain costs. Walmart posted a profit of $3.1 billion and sales rose 4.1% to reach $139.21 billion.