Walmart reports $453 million third-quarter profit

FILE - A woman pushes a shopping cart at a Walmart in Rolling Meadows, Ill., on Nov. 5, 2020. Walmart reports earnings on Thursday, Nov. 16, 2023. (AP Photo/Nam Y. Huh, File)

Walmart extended its streak of strong quarterly gains heading into the Christmas holiday season as its low prices attract shoppers looking for deals in a tough economic environment.

However, Walmart shares on Thursday fell 8.1% after it warned that shoppers began pulling back on spending late last month. The nation's largest retailer also gave a forecast for upcoming holiday profit that was weaker than analysts expected, despite reporting better-than-expected financial results for the period.

Walmart reported that profits were $453 million, or 17 cents per share, for the three-month period ended Oct. 31. That compares with a loss of $1.79 million, or 66 cents per share, in the year-ago period. Adjusted earnings per share results were $1.53 per share.

Revenue rose 6.1% to $160.84 billion, from $152.81 billion in the year-ago period.

Analysts were expecting $1.52 per share on sales of $159.651 billion, according to FactSet estimates.

Comparable store sales — those from established stores and online operating over the past 12 months — rose 4.9% for the Walmart U.S. division for the quarter. They rose 6.4% last quarter. Global e-commerce sales rose 15%.

The company expects annual sales to be up anywhere from 5% to 5.5%. It expects adjusted earnings per share of $6.40 to $6.48. Analysts were expecting $6.50 per share on sales of $642.32 billion.

This story has been updated after the end of trading Thursday.