Walmart (NYSE: WMT), for example, suffered a gross margin decline in the third quarter of 2022 and guided for a drop in adjusted earnings for the full fiscal year. Valuation has its limits With persistently high inflation and rising interest rates pressuring consumer spending, retailers in general are likely in for a rough and unpredictable 2023. Despite tumbling demand for PCs and smartphones, analysts still expect a small increase in Best Buy's earnings per share in the upcoming fiscal year.