The omicron wave of Covid-19 that led to new lockdown measures and kept consumers inside could hurt Walmart's sales during the critical holiday period that runs from Thanksgiving through Christmas and New Year's. If the consumer proved resilient, it could help to power both Walmart's earnings and share price higher. However, the retailer is also contending with record inflation and wage growth as well as ongoing supply chain constraints. We'll see how it all stacks up next week.