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Walmart Upgrades Outlook, Authorizes New Share Buyback Scheme

EQUITIES

Greater market share, looser inventory pipeline behind Walmart's upgraded outlook:

  • Continued gain in grocery market share
  • "Significantly" improved inventories, exp. to improve further next year
  • Approves new $20bln share buyback scheme
  • Flags that their view incorporates an FX headwind of $4.1bln for 2023 as well as lower gross profit margin

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