...February 21, 2024 NEW YORK (S&P Global Ratings) Feb. 21, 2024--S&P Global Ratings said today that Walmart Inc.'s earnings for the year ended Jan. 31, 2024 (fiscal 2024) were stronger than we anticipated, including from higher-income shoppers trading down more to the brand. Full-year consolidated revenue for fiscal 2024 increased 6% and gross profit rate was up 27 basis points, both ahead of our expectations. The company's leverage remains in the mid-1x S&P Global Ratings-lease-adjusted area, comfortably below the downside trigger of 2x. We expect Walmart will maintain a balanced and conservative financial policy focused on acquisitions, shareholder returns and debt refinancing as needed. The company recently raised its annual dividend 9%, its largest increase in over 10 years. We believe the trend toward higher-income shoppers coming to the retailer for general merchandise will continue in the coming year. We are monitoring closely Walmart's agreement to buy Vizio Holding Corp. to further...
