Walmart Q1 profits fall 32% as pandemic sales growth slows

Walmart reported a drop in first-quarter profits Tuesday with pandemic-related sales growth moderating somewhat, but shares rallied as the results still topped expectations.

Profits in the quarter ending April 30 came in at $2.7 billion, down 32 per cent from the year-ago period. Revenues were $138.3 billion, up three per cent.

The world’s biggest retailer, Walmart has seen strong sales growth over the last year, having operated during the early days of the pandemic as an “essential” business and notching robust online sales increases throughout the period.