Retail juggernaut Walmart is feeling the sting of the Iran war’s effect on gasoline prices.
According to CNBC, it issued a financial outlook that was worse than expected, with finance chief John David Rainey blaming gas prices on sluggish first-quarter sales, which could continue into the second quarter.
The company still made money, with revenue rising 7% to $177.8 billion in the first quarter. However, Rainey was cautious due to gas prices and expects lower earnings if they maintain their upward trajectory.
After the announcement, Walmart’s shares dropped about 8% in morning trading.
