U.S. shoppers will start to see prices rise at the end of May and certainly in June, Walmart's Chief Financial Officer John David Rainey said in a CNBC interview. On a post-earnings call with analysts, he said the retailer would also have to cut back on orders as it considers price elasticity.

Walmart will have to start raising prices later this month due to the high cost of tariffs, executives said on Thursday, even as the retailing giant's U.S. comparable sales surpassed expectations in the first quarter.