Inflation hinders Walmart’s profit

NEW YORK — Walmart reported stronger sales for its fiscal first quarter, but its profit took a beating as the nation’s largest retailer grappled with surging inflation on food and fuel and higher costs from a snarled global supply chain.

Walmart Inc., based in Bentonville, Arkansas, is among the first major retailers to report quarterly results and is considered a crucial barometer of spending given its size and the breadth of its customer base.

Walmart reported earnings of $2.05 billion, or 74 cents per share. It also fell below last year’s earnings of $2.73 billion, or 97 cents per share.

Sales rose 2.4% to $141.57 billion, better than the $138.8 billion that analysts had projected.