Walmart US sales slow as gas prices hit shoppers

Walmart reported slower US sales growth on Thursday as higher gasoline prices put pressure on shoppers, even as the retailer raised its full-year profit and sales forecast.

US comparable sales rose 2.6 percent in the second quarter, compared with 4.1 percent in the first quarter. Walmart said consumers faced gasoline prices above $4 a gallon for much of the quarter, while Chief Financial Officer John David Rainey said the company was seeing “some incremental pressure on the consumer” from higher fuel prices.

The retailer reported profit of $6.4 billion, down 9.4 percent from a year earlier. Revenue rose 5.9 percent to $187.9 billion.

Walmart said it used much of the benefit from US tariff refunds for investments aimed at attracting customers affected by inflation. Executives said the company made more than 11,000 price cuts during the quarter.

The company also cited a negative effect from a price cap on 10 top-selling pharmaceutical products under new US rules that took effect on January 1, along with slower growth in sales of GLP-1 diabetes and weight-loss products.

Rainey said Walmart expected a $2 billion drag from fuel costs in 2026. He told CNBC that sustained higher oil prices were likely to mean higher prices for consumers.

GlobalData Managing Director Neil Saunders said the results were “another set of strong” quarterly figures, but said US comparable growth was the slowest in six and a half years. Walmart shares fell 9.4 percent in mid-morning trading.