Walmart Inc. reported a 25 percent drop in quarterly earnings and cut its full-year profit outlook on Tuesday as rising costs of fuel and labor hurt its bottom line while shoppers squeezed by decades-high inflation moved to buy lower-margin basics.
Shares of the retailer fell nearly 10 percent in morning trading, its biggest one day percentage drop since Feb. 2018, and dragged down shares of rival Target Corp. by 3 percent.
