NEW YORK (AP) — Walmart is lowering its profit outlook for its fiscal second quarter and for the full year.
The nation’s largest retail cites surging inflation on basics like food that is making shoppers cut back on discretionary items, particularly clothing, that carry higher profit margins.
That consumer behavior is forcing the company based in Bentonville, Arkansas, to step up discounts on general merchandise items to move inventory.
As a result, Walmart said its adjusted earnings per share for the second quarter and full year are expected to decline around 8% to 9% and 11% to 13%, respectively.
