Walmart reported higher-than-expected earnings for the fiscal third quarter, but gave a Cautious Outlook for Consumer Spending. The company's shares fell over 6% as it saw a weakening in consumer spending towards the end of the quarter. Walmart expects adjusted earnings per share of $6.40 to $6.48 for the year, slightly lower than analysts' expectations. Inflation has waned, and deflation has taken hold in some categories, which could benefit Walmart's shoppers but hurt sales. However, the company is optimistic about the holiday shopping season, as sales of items including clothing have picked up with holiday promotions.
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