Quarterly guidance

Sales growth
3% to 3.75%
Operating income growth
2% to 4%
EPS
$0.62 to $0.64

Annual guidance

Sales growth
Raised to 4% to 5% from 3.5% to 4.5%.
Operating income growth
Raised to 7% to 8.5% from 6% to 8%.
EPS
Raised to $2.80 to $2.87 from $2.75 to $2.85.

Outlook

Consumer environment
Management noted a softer consumer environment than in February, with higher fuel prices impacting spending.
Price investments
The company plans to continue prioritizing price investments in the second half of the year to drive share gains.
Flipkart event
The timing of the Big Billion Days event will create a Q3 headwind of over 100 basis points, with a similar benefit in Q4.
Fuel costs
The company expects more than $2 billion of incremental fuel-related costs for the year.
CapEx
CapEx is expected to be approximately 4% of annual net sales.
Free cash flow
The company expects to generate double-digit growth in free cash flow this year.