Walmart shares slump after retailer cuts profit outlook on inflation concerns


Walmart on Monday cut its quarterly and full-year profit guidance, saying inflation is causing shoppers to spend more on necessities such as food and less on items like clothing and electronics.

That shift in spending has left more items on store shelves and warehouses — forcing the big-box retailer to aggressively mark down items that customers don’t want.

The company’s stock fell more than 8% at the open Tuesday. Shares of other retailers, including Target and e-commerce giant Amazon, also fell.

Walmart said it now anticipates adjusted earnings per share for the second quarter and full year to to decline around 8% to 9% and 11% to 13%, respectively. It had previously expected them to be…

Source cnbc.com

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