The retail giant reported adjusted EPS of $0.61, slightly above the consensus estimates ($0.58), and total revenue of $165.6bn, up 2.5%. Comparable sales in the United States rose 4.5%, driven by higher transactions and volumes. Online sales continued to rise, up 21%: all business indicators are therefore solid.

The problem is not with the figures themselves, but with what surrounds them. Walmart has chosen not to give a forecast for the second quarter, which is unusual for it. Management has been very cautious, citing uncertainties surrounding the tariffs imposed by the Trump administration as part of the US-China trade tensions. CEO Doug McMillon and CFO John Rainey were clear: even though reduced, these tariffs will have an inflationary effect that Walmart will be unable to absorb on its own: price increases are expected at the end of May.

The group nevertheless confirms its annual targets—sales growth of 3% to 4% and adjusted EPS of between $2.50 and $2.60—but acknowledges that the environment remains "extremely unstable."

It is therefore less Walmart's past performance than the short-term obstacles that are driving the stock's trend today. At a time when macroeconomic visibility is deteriorating and consumption is beginning to slow, investors are sensitive to all uncertainties. Walmart remains an ultra-solid - even indispensable - player in US retail, although the coming weeks will probably be difficult to manage, especially if price increases affect footfall.

Walmart's decision to not provide a forecast for the second quarter has sparked concerns among investors, who are now left to navigate a complex and uncertain environment. The company's cautious approach is a reflection of the broader economic landscape, where trade tensions and tariffs are casting a shadow over consumer spending. As the retail giant prepares to implement price increases, it will be crucial to monitor how customers react to these changes, and whether they will be willing to absorb the added costs. The coming weeks will be a critical test for Walmart's ability to manage the delicate balance between profitability and customer loyalty.