Good morning. Walmart’s sales surged across its stores and online operations through the holiday shopping season, but the retailer is girding its business as inflation moderates and consumers remain selective about their spending.

The retailer’s U.S. comparable sales, or those from digital channels and stores operating at least 12 months, rose 4% in the quarter ended Jan 26. That metric came in stronger than Wall Street analysts had forecast, helped by more people coming to the company’s storefronts.

For the first time in over two years, shoppers spent less per trip to Walmart, a sign that prices are cooling in some categories at the country’s largest retailer, along with inflation.

Walmart, similar to other retailers, is navigating how to boost its business beyond raising prices. While the economy continues to expand at a healthy clip, consumer confidence remains shaky. The company said revenue growth could slow from last year, when it hauled in $648.1 billion—or more than $1.2 million a minute.

• Walmart Seals $2.3 Billion Deal for TV Maker Vizio
• Walmart’s Streaming Play Swamps Roku

🗓️ Earnings

• Analog Devices
• Etsy
• Exelon
• Nvidia
• Rivian Automotive
• Synopsys 

📈 Economic indicators

The Federal Open Market Committee releases minutes from its late-January monetary-policy meeting.

The Public Company Accounting Oversight Board on Tuesday said it fined four audit firms for violating rules tied to communications that firms are required to make to audit committees.

The PCAOB said Baker Tilly US was fined $80,000 because it didn't document a preapproval of statutory audit service. Grant Thornton's India unit was fined $40,000, and Mazars USA and SW Audit in Australia were fined $60,000 each.

The U.S. audit watchdog said it uncovered the violations during a sweep that is part of a recent effort by the PCAOB to bolster enforcement.

The firms didn't admit to or deny the PCAOB's claims, but did agree to comply with revised policies. Baker Tilly is working with its clients and engagement teams to avoid potential issues in the future, a spokeswoman for the company said.

Grant Thornton, Mazars and SW didn't immediately respond to requests for comment.

—Mark Maurer

Data suggesting the U.S. economy is too hot for comfort are getting a cool reception in some corners of Wall Street.

A handful of high-profile economic reports, covering the big topics of inflation, economic growth and the labor market, have leaned decidedly on the too-warm side. But many economists have minimized these surprises, pointing to other data that are less alarming and measurement challenges that are unique to the start of the year.

Such arguments have been eagerly accepted by investors who have been rooting for growth strong enough to avoid a recession but mild enough to allow the Federal Reserve to cut interest rates—a seemingly narrow path, with inflation running above the Fed’s 2% target.

• American Airlines will now charge $40 to check a bag at the airport for domestic flights or $35 for those who pay in advance online, the latest sign that airlines once again are tapping luggage fees as a way to offset rising costs.
• A federal appeals court on Tuesday tossed a $1 billion verdict won by music publishers against Cox Communications, ordering a new trial on how much the internet provider should owe in damages for illegal downloads by its customers.
• Nvidia’s highly anticipated earnings report hasn’t even landed yet, but investors retreated from the stock Tuesday at the fastest clip in months. 

📰 Other headlines

• FuboTV Sues to Block ESPN, Warner and Fox Sports-Streaming Service
• ICYMI: How War in Europe Boosts the U.S. Economy
• Donors Keep Pouring Millions Into Nikki Haley’s Long-Shot Campaign
• The Best Way to Work With AI? A Study May Reveal the Answers
• As Hybrids Become More Popular, Their Green Benefits Are Questioned
• Value Reset Sets Stage for Buyouts Revival in Software

Ansys, the Canonsburg, Penn.-based software and technology company, named Rachel Pyles as its new finance chief, effective Thursday. The company said Pyles replaces Nicole Anasenes, who previously announced her planned departure from Ansys to focus on advisory and board work. Anasenes will remain with the company as a strategic adviser until June 2024 to ensure a smooth transition. Pyles joined Ansys in early 2023 as the vice president of strategic finance, running financial planning and analysis for the company.

Arvinas, the New Haven, Conn.-based biotechnology company, named Randy Teel as interim CFO, succeeding finance chief Sean Cassidy, who will depart the company at the end of the month. Teel currently serves as senior vice president of corporate and business development. He will step in as the interim chief and treasurer as the company conducts a formal search for a replacement. Arvinas said that Cassidy was departing to pursue a new opportunity, effective Feb. 29. 

—Chris Wack and Ben Glickman contributed to this newsletter.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics ranging from corporate tax accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team is reporters Kristin Broughton, Mark Maurer and Jennifer Williams-Alvarez, and Bureau Chief Walden Siew.

You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.