Walmart Inc. shares fell 8.81% to $104.23 on Thursday after the retailer reported its slowest U.S. sales growth since 2020 and issued a third-quarter outlook below Wall Street estimates. Adjusted earnings reached 81 cents per share, above the 74-cent consensus, while sales totaled $187.9 billion against expectations of $186.8 billion. Walmart forecast third-quarter adjusted earnings of 62 cents to 64 cents per share and sales of $183.134 billion to $184.468 billion, below estimates of 68 cents and $188.339 billion, respectively. The company raised its fiscal 2027 outlook but remained below analysts’ forecasts, citing more than $2 billion in additional fuel costs, a 20-basis-point (one-hundredth of a percentage point) operating-income headwind from the Vibe acquisition and integration, and timing effects from Flipkart’s Big Billion Days. Walmart said it cut prices on 11,000 U.S. items during the second quarter and is reinvesting most of its roughly $2.9 billion in tariff refunds into lower prices and customer experience.