Updated at 7:16 am EST

Walmart  (WMT) – Get Walmart Inc. Report posted weaker-than-expected first quarter earnings Tuesday, and cut its full-year profit forecast, as surging costs ate into the bottom line of the world’s biggest retailer. 

Walmart said adjusted earnings for the three months ended in December came in at $1.30 per share, falling 23% from the same period last year and well shy of the Street consensus forecast of $1.48 per share.

Group revenues, the company said, were tabbed at $141.6 billion, a 2% increase from last year that topped analysts’ estimates of $138.88 billion. U.S. same-store sales rose 3% from last year, the company said, largely in-line with the Refinitiv forecast.  

Source