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Walmart (WMT) on Tuesday lifted its annual sales by 9% and profit forecast as demand for groceries holds up despite higher prices, while discounts on clothing and electronics helped it cut back excess inventories ahead of the busy holiday season.
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The big box retailer posted a net loss of $1.8 billion, or 66 cents per share, down from a profit of $3.11 billion, or $1.11 per share, a year earlier. On an adjusted basis, the company reported earnings of $1.50 per share. The retailer, which also offers pharmacy services, recorded a charge of nearly $3.33 billion, or $1.05 a share, as part of opioid-related legal charges. It announced a nationwide settlement of $3.1 billion on Tuesday to resolve lawsuits and potential lawsuits by state, local and tribal governments.
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The company also announced a new $20-billion share buyback plan, sending its shares as much as up 7% in morning trading to a six-month high of $148.40. Its results boosted stocks of other major retailers, including Target, Costco and Macy's.