Walmart will report fiscal second-quarter earnings before the bell on Thursday. The largest U.S. retailer warned in May that it would have to raise prices because of President Trump's higher tariffs on imports from other countries.

In May, McMillon warned of tariff-driven price hikes for a wide range of goods that includes food, toys and electronics. Trump publicly criticized Walmart for saying it would hike prices, calling on the company to “eat the tariffs.”