Walmart slightly raised its annual profit forecast on Tuesday, partially reversing a significant decrease from less than a month earlier, as discounts to remove excess inventory and reduced petrol prices helped the mega-retailer surpass quarterly sales projections.The stock increased 5.2 percent when the New York Stock Exchange opened Tuesday morning. Shares of competing retailers Target, Costco, and Best Buy rose, as well.Last month, Walmart shares dropped nearly 9 percent after the company cut its profit outlook for the second quarter and the full year, underscoring that rising prices for food and petrol are forcing shoppers to cut back on items such as clothing that carry higher profit margins.
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