Walmart puts up strong Q3, announces opioid settlement

Published November 15, 2022 5:57 AM

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Walmart reported strong third quarter profits and revenue as more Americans seek to cut spending in face of high inflation. Also on Tuesday, Walmart agreed to pay $3.1 billion to settle lawsuits nationwide over the impact of prescriptions its pharmacies filled for powerful prescription opioid painkillers. The agreement must still be approved by 43 states to take effect, but company shares jumped 6% before the opening bell. The settlement is similar to those already announced by CVS Health and Walgreen. Walmart sales rose 8.7% to $152.81 billion.