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Walmart Profit Outlook Trimmed Back; Consumers Turning Away From Nonessentials

(The Center Square) – Walmart has cut back its second quarter and full-year profit outlook as consumers focus more on necessary goods like food due to inflationary pressures.

As food prices increase, consumers have begun cutting back on spending on other goods to make purchasing consumable goods more affordable.

To combat high inflationary pressures, Walmart has marked down prices on other goods, especially apparel.

“The increasing levels of food and fuel inflation are affecting how customers spend, and while we’ve made good progress clearing hard-line categories, apparel in Walmart U.S. is requiring more markdown dollars,” said Doug McMillon, Walmart Inc. president and chief executive officer.

(The Center Square) – Walmart has cut back its second quarter and full-year profit outlook as consumers focus more on necessary goods like food due to inflationary pressures.

As food prices increase, consumers have begun cutting back on spending on other goods to make purchasing consumable goods more affordable.

To combat high inflationary pressures, Walmart has marked down prices on other goods, especially apparel.

“The increasing levels of food and fuel inflation are affecting how customers spend, and while we’ve made good progress clearing hard-line categories, apparel in Walmart U.S. is requiring more markdown dollars,” said Doug McMillon, Walmart Inc. president and chief executive officer.