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Today Walmart issued guidance after the close that warned of slowing sales, profits.
The stock cratered almost 9% on the news.
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 flat to up slightly for the second quarter and to drop by about 1% for the full year, reported CNBC.
“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. We’re now anticipating more pressure on general merchandise in the back half; however, we’re encouraged by the start we’re seeing on school supplies in Walmart U.S.” said Doug McMillon, Walmart Inc. president and chief executive officer, added Zero Hedge.
Although the OBiden recession is certainly impacting the retail giant, there is also a seismic shift away from cheap Chinese, low quality goods, in favor of higher quality, made in the USA products, that Walmart used to represent decades ago.
Many of our readers have informed us they haven't visited a Walmart in years. Of course, the new generation immigrant population will flock to Walmart's low prices, and many Deplorables will have to shop there as well to make ends meet, but that is no longer an automatic decision for America First shoppers.
Many refuse to support the retail giant that they see has sold out America to the Chinese Communist Party. They are willing to spend more, and spend time searching, for American-made products online.
Go Woke, Go Broke applies here.
You can read the full Walmart press release.
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"“The increasing levels of food and fuel inflation are affecting how customers spend,..."
No kidding.... No economy can survive double digit inflation and record fuel prices!
Refuse to speand any amount of money on cheap fall-apart garbage which WALMART represents and offers, inclduing that of their 3rd party (phishing scam) sellers who try to dump their junk upon anyone.
Walmart has gone downhill since the death of Sam and Bud. They treat employees poorly, and many times their prices are no better than other sources. I ordered something on their website and because the order didn't total $35, I was charged an additional $5.36. No more orders for them.
K-mart was also poorly managed, and Walmart has gone down the same path they did. It's time for Walmart to die now.
a year and a half ago i stopped shopping at wal mart. haven't spent a dime of my money there since. i use to spend $200+ a week on groceries, ect. so that is $15,600 of lost revenue for wal mart. they don't even notice that.
if 1000 of you fine folks out there have/will do the same, that will mean wal mart will lose $15,600,000 over the next 18 months.
no business can ignore a $10 million a year lose for long and that's with 1000 former customers. imagine if a million of you leave.