Walmart forecasts profit above expectations as demand holds firm

Net revenue in Walmart's fourth-quarter showed a surprise 0.5% increase to $152.87 billion

Walmart Inc beat full-year profit and U.S. sales expectations on Thursday, signaling steady demand at stores even as supply-chain issues during the holiday season and rampant cost inflation pressured the retail giant's margins.

Shares of the world's largest retailer and a consumer bellwether rose 3.3% in premarket trading.

While Walmart has increased prices on some products, it still undercuts rivals due to its scale and negotiating power with suppliers, helping it gain market share in key areas of business such as groceries.

Walmart has previously said it has been asking suppliers to keep prices low in order to take market share, U.S. chief