Walmart’s CFO John David Rainey said the retailer would likely have to raise prices on some items if President-elect Donald Trump’s proposed tariffs take effect.

“We never want to raise prices,” he said in an interview with CNBC on Tuesday. “Our model is everyday low prices. But there probably will be cases where prices will go up for consumers.”

Rainey added that it’s too soon to say which products could cost more due to the tariffs.

Walmart’s CFO weighed in on the potential policy change as the company beat Wall Street’s earnings and sales expectations and hiked its full-year forecast.

Walmart’s comments are the latest warning from U.S. retail leaders about the potential blowback from from the duties. During Trump’s presidential campaign, he said he would impose a 10% to 20% tariff on all imports, including levies as high as 60% to 100% for goods from China.

In a statement earlier this month, National Retail Federation CEO Matthew Shay described across-the-board tariffs as “a tax on American families.” He said it “will drive inflation and price increases and will result in job losses.”

The prospect of increased prices comes as inflation has moderated in the U.S., after years of stretching consumers’ wallets.

Other retailers and brands have also spoken out about the potential drawbacks of the tariffs. E.l.f. Beauty CEO Tarang Amin told CNBC in an interview earlier this month that the company could be forced to raise prices if the higher duties take effect. Footwear maker Steve Madden said it will reduce the goods it imports from China by as much as 45% over the next year to try to avoid the financial impact.

The majority of goods Walmart sells are not at risk of tariffs. Rainey said about two-thirds of the items that Walmart sells are made, grown or assembled in the U.S.

Like other companies, Walmart has tried to import from different parts of the world rather than rely heavily on China or any one country, he said. Rainey added that levies placed during Trump’s first administration already caused the company to adjust.

“We’ve been living under a tariff environment for seven years, so we’re pretty familiar with that,” he said. “Tariffs, though, are inflationary for customers, so we want to work with suppliers and with our own private brand assortment to try to bring down prices.”

Like Walmart, Lowe’s said it’s also made moves to diversify its supply chain. The home improvement retailer addressed the potential levies as it reported earnings on Tuesday.

CFO Brandon Sink said about 40% of the company’s cost of goods sold comes from outside of the U.S., including direct imports and merchandise from national brands. He said tariffs “certainly would add product costs,” but added “timing and details remain uncertain at this point.”

“We believe we’re well prepared to respond when and if it does happen,” he said.

— CNBC’s Gabrielle Fonrouge contributed to this report.

Walmart raised its forecast on Tuesday, as its customers bought more discretionary merchandise, ordered more deliveries to their homes and started their holiday shopping.

The discounter now expects net sales will grow between 4.8% and 5.1% for the full year. That compares with its previous forecast for between 3.75% and 4.75% sales growth for the period. The updated outlook came as Walmart posted third-quarter earnings and revenue that beat expectations. 

In a CNBC interview, Chief Financial Officer John David Rainey said sales of general merchandise — outside of the grocery department — grew year over year for the second quarter in a row after declines for 11 straight quarters. Still, he said consumers are waiting to make those purchases until they see a compelling deal, especially as they pay more for food.

“We’re expecting this holiday period to be very consistent with that,” he said. “They’re focused on price and value.”

Here is what the big-box retailer reported for the period compared with Wall Street’s estimates, according to a survey of analysts by LSEG:

Walmart shares climbed about 3% in early trading, hitting both a 52-week high and an all-time intraday high since it began trading on the New York Stock Exchange in Aug. 1972.

In the three-month period that ended Oct. 31, Walmart’s net income increased to $4.58 billion, or 57 cents per share, compared with $453 million, or 6 cents per share, in the year-ago period. Revenue rose from $160.80 billion in the year-ago quarter. 

Comparable sales, an industry metric also known as same-store sales, jumped 5.3% for Walmart and 7% at Sam’s Club, excluding fuel.

Customers visited Walmart’s stores and website in the U.S. more and tended to spend more when they did compared with the year-ago quarter. Walmart U.S. transactions rose 3.1%, and average ticket increased by 2.1% year over year. 

E-commerce sales rose 22% in the U.S., with gains coming from curbside pickup and home delivery, along with growth in Walmart’s advertising and third-party marketplace businesses.

Walmart shoppers have also been willing to pay more to get their purchases faster, Rainey said. For the past two quarters, 30% of customer orders in the U.S. have come with an extra fee to get delivery within a shorter time frame, like within one hour or within three hours.

He said Walmart’s e-commerce business is “getting very close to profitability because we’re able to use some of the cost of delivery with these incremental fees that customers are willing to pay for convenience.”

Walmart, the nation’s largest retailer, delivered its latest sales results and read on U.S. consumers as investors gauge sentiment and weigh the outlook for the most crucial shopping season of the year.

Retailers, including Walmart, are contending with a mixed bag of factors this holiday season. Inflation has moderated, with gas prices declining and grocery inflation remaining low year over year. Fears of a dragged-out process to determine the winner of the U.S. presidential race never materialized.

Yet President-elect Donald Trump’s proposal for tariffs on imports from China and other countries has fueled fresh concerns about prices rising again. The holiday season is also shorter this year and parts of the U.S. have had unseasonably warm weather, two dynamics that could hurt retailers.

Rainey said tariffs could force Walmart to increase prices, but said it’s too soon to say what merchandise may get more expensive. 

“We never want to raise prices,” he said. “Our model is everyday low prices. But there probably will be cases where prices will go up for consumers.”

He said about two-thirds of the items that Walmart sells are made, grown or assembled in the U.S., which reduces the tariff risk for those goods. And he added that Walmart, like other retailers, has been trying to diversify where it imports goods. 

“We’ve been living under a tariff environment for seven years, so we’re pretty familiar with that,” he said. “Tariffs, though, are inflationary for customers, so we want to work with suppliers and with our own private-brand assortment to try to bring down prices.”

Holiday spending is expected to increase this year, but at a modest rate. The National Retail Federation, a retail trade group, said it expects holiday spending in November and December to increase 2.5% to 3.5% compared with 2023, to a range between $979.5 billion and $989 billion. That would be lower than the 3.9% year-over-year jump from the 2022 to 2023 holiday season, when spending totaled $955.6 billion.

Rainey said the holiday period is “off to a pretty good start.” 

He said items like TVs, Apple AirPods, Beats headphones and even tires have been selling. On the other hand, clothing and other weather-dependent purchases like space heaters have been slower because of unseasonably warm weather in parts of the country.

Some of the general merchandise gains indicate that consumers are feeling relief from inflation, but some also have to do with Walmart’s strategy, he said. The company has deepened its assortment of toys, home goods and more through its third-party marketplace. 

As of Monday’s close, Walmart shares are up nearly 60% this year, more than the S&P 500′s approximately 24% gains during the same period. Walmart’s stock closed Monday at $84.08, bringing the company’s market value to $675.86 billion.

Comcast is expected to announce a plan Wednesday to spin off its cable networks into a separate company, two people familiar with the matter told NBC News.

The split would cleave off some of NBCUniversal’s best-known brands, including MSNBC, E!, Syfy, Golf Channel, USA, CNBC and Oxygen, which now face the same cord-cutting challenges as many other major cable channels.

The spinoff plan was first reported by The Wall Street Journal.

Comcast had announced during its quarterly earnings call in October that it was considering spinning off its cable networks.

President Mike Cavanagh said at the time that the company was exploring creating “a new, well-capitalized company owned by our shareholders and comprised of our strong portfolio of cable networks.” He added that NBCUniversal’s broadcast network NBC and the streaming service Peacock would remain with Comcast.

Comcast owns NBCUniversal, which is the parent company of NBC News. A spokesperson for Comcast declined to comment.

Comcast is moving forward with the decision as millions of customers exit the traditional pay TV bundle in favor of streaming. The company has been beefing up Peacock in recent years. Comcast said last month that Peacock’s paid-subscriber count jumped nearly 30% to 36 million year over year.

Bravo will remain part of Comcast’s NBCUniversal because its content is heavily featured on Peacock, CNBC reported.

Traditional broadcast networks remain cash cows. Comcast reported in October that third-quarter revenue for its media segment, which mainly comprises TV networks, was up nearly 37% to $8.23 billion, largely because of the Paris Olympics. Without the Summer Games, revenue was up almost 5%.

Comcast shares were up more than 2% in after-hours trading.

The spinoff will take roughly a year as the company figures out whether licensing agreements need to be put in place and whether MSNBC and CNBC will continue to work with NBC News, CNBC reported.

Mark Lazarus, the current chairman of NBCUniversal’s media group, will lead the new company, CNBC reported, while NBCUniversal’s chief financial officer, Anand Kini, will be the CFO and operating chief.

Comcast Chairman and CEO Brian Roberts will have a voting position in the new entity, but he won’t be on the board of directors, CNBC reported.

At NBCUniversal, Donna Langley, the current chief content officer, will become chairman of NBCUniversal Entertainment and Studios. Matt Strauss, the current head of the direct-to-consumer unit, which includes Peacock, will be chairman of NBCUniversal Media Group, overseeing sports, ad sales and distribution, CNBC reported.

Cesar Conde will continue to lead the NBCUniversal News Group as chairman — which includes oversight of NBC News, Telemundo and local TV stations — and will advise the company on areas of business growth. Executive Vice President Adam Miller will become NBCUniversal’s chief operating officer, CNBC reported.

It’s certainly eye-catching: A group of multiracial, gender-bending models emerge from an elevator in cutting-edge makeup and bright-colored clothing to a techno-industrial beat into an austere, prismatic landscape.

But one thing is missing from the storied British carmaker Jaguar’s new rebrand: cars.

The spot has drawn some reactions online that range from puzzled to dismayed, with several commentators comparing the potential fallout to Bud Light’s use of a trans influencer in straying far afield from its core demographic.

One communications professional on X called the advertisement ‘disastrous’ for being overly focused on branding and not on the product itself.

‘Jaguar should be saying … some version of ‘our cars are engineered to the gills and go very very fast,” wrote Lulu Cheng Meservey, co-founder of Rostra PR group. ‘Art school grads simply aren’t associated with elite engineering ability, I’m sorry.’

In a press release accompanying its rebrand, Jaguar’s chief creative officer, Sir Gerry McGovern, explained the thinking behind the rollout.

‘New Jaguar is a brand built around exuberant modernism,’ he said. ‘It is imaginative, bold and artistic at every touchpoint. It is unique and fearless.’

Jaguar sold fewer than 67,000 cars in the entire world last year, approximately half the number it sold in the fiscal year incorporating the beginning of the Covid-19 pandemic. Today there are just 122 Jaguar dealerships in the U.S., down from a peak of around 200, according to Car and Driver magazine.

The revamp is designed to turn things around, in part by introducing new emblems that will be featured on future Jaguar vehicles.

In the lead-up to the campaign’s debut, Jaguar announced it was discontinuing five models with “close to zero profitability,” CEO Adrian Mardell told investors this year, as it developed three new ultra-luxury electric vehicles, one of which is set to be unveiled at Miami’s Art Basel event next month.

In response to other X users asking why the ad didn’t feature any cars, Jaguar’s X account responded, “The story is unfolding. Stay tuned,” and “Think of this as a declaration of intent.”

A spokesperson for Jaguar Land Rover, today a unit of India-based Tata Motors, did not respond to a request for comment.

‘To bring back such a globally renowned brand we had to be fearless,’ Rawdon Glober, Jaguar’s managing director, said in the release. ‘Jaguar was always at its best when challenging convention. That ethos is seen in our new brand identity today and will be further revealed over the coming months. This is a complete reset. Jaguar is transformed to reclaim its originality and inspire a new generation. I am excited for the world to finally see Jaguar.’

Friday’s anticipated boxing match between former heavyweight champion Mike Tyson and YouTuber-turned-boxer Jake Paul will be remembered for more than its unique card.

The bout shown on Netflix was the most streamed global sporting event ever with 65 million live concurrent streams and 108 million total live viewers around the world, according to a Netflix release. The Amanda Serrano and Katie Taylor fight before the Tyson-Paul match averaged 74 million live global viewers, the most watched professional women’s sporting event ever in the U.S. with 47 million viewers, the company said.

The event notched several other wins, including being the biggest boxing gate in history outside of Nevada.

Both Tyson and Paul made 10-figure paydays, according to Most Valuable Promotions co-founder Nakisa Bidarian, whose company promoted the fight. Serrano and Taylor received record pay for women’s boxing, he said.

This event was crucial for Netflix as it prepares for its Christmas Day stream of NFL games — its first time showing the most popular sport in the U.S. live. Viewers complained of buffering issues, but Chief Content Officer Bela Bajaria said she is not concerned about the company’s ability to stream the NFL games.

Netflix is not the first streamer to wade into live sports. Amazon has carried Thursday Night Football games since 2022, and NBCUniversal’s Peacock streamed an NFL playoff game last season.