Walmart (WMT.N) on Thursday said U.S. consumers are acting more cautious with spending as the holiday season gets underway, even as the largest U.S. retailer raised its forecast for sales and profit for the year.
The company’s shares fell 7.7% Thursday as executives said higher interest rates and dwindling household savings have made sales “somewhat uneven” over the past two months.
Walmart’s bigger focus on groceries has provided a bulwark against the broad slowdown in discretionary spending with more than half of the company’s merchandise comprising of food and other daily essentials.
Source: Reuters
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