Walmart Sales Plummet As Consumers Tighten Their Budgets

Walmart Sales Plummet As Consumers Tighten Their Budgets

Walmart slashed its profit predictions on Monday as consumers react to inflation by buying essentials rather than more expensive products.

The retail giant announced that its earnings per share will fall between 8% to 9% for the second quarter and 11% to 13% for the year as a result of inflationary pressures and their effects on American consumers. Walmart shares fell nearly 10% after trading closed on Monday afternoon.

“The increasing levels of food and fuel inflation are affecting how customers spend, and while we’ve made good progress clearing hardline categories, apparel in Walmart U.S. is requiring more markdown dollars,” Walmart CEO Doug McMillon said in a press release. “We’re now anticipating more pressure on general merchandise in the back half; however, we’re encouraged by the start

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