Walmart reports jump in profit, warns on tariffshome/Business/Foreign Business/Walmart reports jump in profit, warns on tariffsNEW YORK: Walmart reported a jump in first-quarter earnings on Thursday on increased US store sales and e-commerce growth but warned that higher US tariffs could hit its business. But executives joined a chorus of retailers who have warned about tariffs in the wake of the Trump administration’s latest moves in the long-running US-China dispute. “However increased tariffs will lead to increased prices for our customers.”Biggs said it was impossible to generalize about the effects of the potential tariff hikes, saying that the effect of levies varies by good. International results have also been dented by increased investment in Flipkart, an Indian grocery chain acquired by Walmart last year. Chief Executive Jeffrey Gennette said the retailer has largely managed the initial rounds of tariffs in the US-China dispute.

Source: Manila Times May 17, 2019 17:03 UTC