Investors may choose to look beyond Walmart's (WMT) - Get Report earnings beat and zero in on several areas of concern.

The world's largest retailer beat Wall Street's first quarter earnings estimates by 2 cents a share on Thursday. Shares were relatively unchanged in pre-market trading. 

But there weak spots that include:

  • Walmart U.S. same store sales rose 2.1%, below analyst forecasts for 2.5% growth. 
  • Gross profit margin at Walmart's U.S. business fell 23 basis points from the prior year amid investments in eCommerce and lower prices. 
  • Gross profit margin at Sam's Club also fell 23 basis points owing to inflationary pressures and actions taken to drop prices.

Watch more analysis below.