- 'Dark day': Victims mourned around the globe on Oct. 7 anniversary
- Mission to probe smashed asteroid launches despite hurricane
- Oil prices extend gains on Mideast tensions, Wall Street slips
- Europe's asteroid mission Hera launches despite hurricane
- Oil prices extend gains on Mideast tensions, Wall Street retreats
- What is microRNA? Nobel-winning discovery explained
- Weather may delay launch of mission to study deflected asteroid
- China to flesh out economic stimulus plans after bumper rally
- Asian markets track Wall St rally on US jobs data
- World marks anniversary of Oct. 7 attack on Israel
- Asian markets track Wall St rally on jobs data
- Cancer, cardiovascular drugs tipped for Nobel as prize week opens
- Tunisia incumbent Saied set to win presidential vote: exit polls
- 'Difficult day': Oct 7 commemorations begin with festival memorial
- Commemorations begin for anniversary of attack on Israel
- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Drowned by hurricane, remote N.Carolina towns now struggle for water
- Two elephants die in flash flooding in northern Thailand
- Tunisia votes with Saied set for re-election
- Too hot by day, Dubai's floodlit beaches are packed at night
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- US trade chief defends tariff hikes when paired with investment
- EU court blocks French ban on vegetable 'steak' labelling
- Meta AI turns pictures into videos with sound
- US dockworkers return to ports after three-day strike
- DR Congo to begin mpox vaccination campaign Saturday in east
- Meta must limit data use for targeted ads: EU court
- Oil extends gains, jobs report lifts Wall Street
- US hiring soars past expectations in sign of resilient market
- As EU targets Chinese cars, European rivals sputter
- Top EU court finds against FIFA in key transfer market ruling
- Oil extends gains, Hong Kong stocks resume rally
- 'A man provides': Ukrainian miners send families away as Russia advances
- EU states greenlight extra tariffs on EVs from China
- Hong Kong stocks resume rally, oil dips after Middle East-fuelled surge
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
CMSC | -0.2% | 24.65 | $ | |
CMSD | -0.09% | 24.79 | $ | |
BTI | -0.13% | 35.245 | $ | |
SCS | -0.89% | 12.855 | $ | |
RBGPF | -1.97% | 58.94 | $ | |
NGG | -1.42% | 65.57 | $ | |
RYCEF | -1.45% | 6.88 | $ | |
RIO | -0.23% | 69.54 | $ | |
AZN | -0.4% | 77.165 | $ | |
GSK | 0.05% | 38.84 | $ | |
BCC | 0.61% | 139.755 | $ | |
JRI | -0.24% | 13.248 | $ | |
BP | 0.74% | 33.125 | $ | |
VOD | 0.26% | 9.685 | $ | |
RELX | -0.55% | 46.035 | $ | |
BCE | -0.42% | 33.57 | $ |
Walmart sees third quarter loss on opioid settlement but lifts outlook
US retail giant Walmart posted a $1.8 billion loss in the third quarter after a settlement resolving allegations on opioid cases, but lifted its full-year outlook on strong quarterly results.
The big-box retailer, which has been contending with a dimmer profit environment this year as surging inflation squeezed households, said Tuesday that it "continued to gain market share" in the grocery segment, as revenues topped expectations.
But its numbers were bogged down by a settlement set to provide $3.1 billion to communities nationwide and "require significant improvements in how Walmart's pharmacies handle opioids," according to a statement by New York Attorney General Letitia James's office.
This comes as the opioid crisis in the United States -- causing more than 500,000 deaths over 20 years -- triggered a flurry of lawsuits against drugmakers, distributors and pharmacies.
US pharmacy chains CVS Health and Walgreens similarly reached preliminary agreements this month to pay more than a total of $10 billion to resolve opioid claims.
"Pharmacies such as Walmart played an undeniable role in perpetuating opioids' destruction," said James, adding that the settlement is being sent to other states for review and approval.
In a separate statement, Walmart said that it "strongly disputes" the allegations but believes the settlement will help communities in the fight against the crisis.
Walmart reported its third quarter results on Tuesday, announcing revenues of $152.8 billion, up 8.7 percent from a year ago and exceeding expectations.
It expects its full-year adjusted profit will decline between 6.5 percent and 7.5 percent -- an improvement from earlier estimates as well.
- Gains in grocery -
"Walmart US continued to gain market share in grocery, helped by unit growth in our food business," said Walmart Chief Executive Doug McMillon in a statement.
He added that the company had a "good quarter with strong top-line growth globally" and that it has improved its inventory position, continuing to make progress towards the end of the year.
"When consumer finances get tough, Walmart gets going. That is the central message from today’s strong set of numbers," said GlobalData managing director Neil Saunders in an analysis.
He noted that most of the company's expansion is occurring in grocery where shoppers are feeling the pinch.
Although some of this is down to inflation, "there has also been volume growth which reflects the increase in customer numbers."
Investors have been eyeing the company's results as a proxy for consumer demand.
With US inflation hovering near a decades-high level, consumers have been spending more on staples and pulling back on discretionary items, forcing Walmart to cut its profit outlook in July.
The company also announced in recent months that it would hire 40,000 workers for the upcoming holiday season, significantly lower than before.
D.Avraham--CPN