Nation's largest retailer says that surging inflation is leaving shoppers with less to spend on furniture and clothing.
Walmart shares are sinking after the retail chain told investors to expect lower profits for the rest of the year amid surging inflation.
High prices for essentials are"affecting customers' ability to spend on general merchandise categories and requiring more markdowns to move through the inventory, particularly apparel," the Bentonville, Arkansas-based company said in aMonday. The company said it would be cutting prices more on high-martin items, including clothing, to clear out inventory that had built up in the pandemic.
McMillon said he foresaw more pricing pressure on general merchandise in the second half of the year, but was encouraged by early signs of back-to-school shopping.
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