Walmart executives told analysts on a call that their guidance reflects the unknowns in the economy as consumers face rising interest rates, delinquencies and are putting less money in their savings.
cut back on their overall spending
sank its shares before markets opened. Amazon, which reported strong fourth quarter sales earlier this month, has also warned about a slower growth period for the coming months. Walmart saw a boost during the pandemic as homebound shoppers spent more on discretionary items like décor to beautify their houses. But consumers are now focusing more on necessities like groceries, which left the company with a glut of excess inventory and dented profits it could make from high-margin discretionary merchandise.
Walmart CEO Doug McMillon noted the retailer also ended the quarter with its once-bloated inventory flat compared to last year, which he said was better than they anticipated.
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