Walmart Inc. nudged past first-quarter earnings projections — but it isn’t making any profit promises for the second quarter as the early days of President Trump’s trade war work through the retail system. 

Still, the geopolitics of trade have calmed enough — with Trump cutting tariffs on Chinese goods to 30 percent from 145 percent — that the discount giant felt comfortable enough to stick with its guidance for the full year.

First-quarter earnings slipped 12.1 percent to $4.5 billion, or 56 cents a diluted share. But adjusted earnings per share of 61 cents came in 3 cents ahead of what analysts forecast, according to Yahoo Finance. 

Revenues for the quarter ended April 30 increased 2.5 percent to $165.6 billion.

“We delivered a solid first quarter in a dynamic operating environment,” said Doug McMillon, president and chief executive officer, in a statement.  “We’re serving customers and members in more ways, which is fueling our growth. We’re well positioned, maintaining flexibility to navigate the near term while continuing to invest to create value for the long-term.”

The retail giant’s global e-commerce business grew by 22 percent, fed by pickup and deliveries from the company’s stores as well as its online marketplace of third-party goods. And the advertising business grew by 50 percent, including the addition of the Vizio television business, while the Walmart Connect membership program grew by 31 percent.

While Walmart forecast sales growth of 3.5 percent to 4.5 percent in the second quarter, it held back on making other commitments. 

John David Rainey, executive vice president and chief financial officer, said: “Given the dynamic nature of the backdrop, and the range of near-term outcomes being exceedingly wide and difficult to predict, we felt it best to hold from providing a specific range of guidance for operating income growth and EPS for the second quarter. With a longer view into the full year, we believe we can navigate well and achieve our full year guidance.” 

This year, the company continues to expect adjusted earnings of $2.50 to $2.60 a share as sales increase 3 percent to 4 percent.