Walmart Inc. modestly raised its annual profit forecast but struck a cautious tone about the outlook for US shoppers after signs of weakness at the end of October.

There was a “sharper falloff” in sales during the last two weeks of October, Chief Financial Officer John David Rainey said in an interview Thursday as Walmart reported financial results. Demand picked up in November, spurred in part by seasonal offerings.

“The takeaway for us is that we’re seeing strength, we’re seeing share gains versus others, but there still is pressure on the consumer,” Rainey said. “We are more cautious on the consumer than we were 90 days ago at this time.”

Walmart’s muted tone points to the uncertainty around consumer spending even as the company grabs more sales from many rivals. Excluding fuel, comparable sales at Walmart’s US unit rose 4.9% during the three months ending in late October. Target Corp. and Home Depot Inc. reported declines in that metric this week, as consumers continued to pull back from discretionary purchases.

The shares fell 2.9% ahead of regular trading in New York. Walmart climbed 20% this year through Wednesday, compared with the 17% increase in the S&P 500 Index.

Adjusted earnings for the fiscal year ending in early 2024 will be as much as $6.48 a share, Walmart said. The world’s largest retailer had previously capped its profit outlook at $6.46 a share. Wall Street had been estimating $6.48.

Walmart Chief Executive Officer Doug McMillon, Rainey and other leaders of the Bentonville, Arkansas-based company are scheduled to discuss the results on a conference call at 8 a.m. New York time.