Business

Walmart cuts profit guidance as it sees slower growth due to inflation


On Monday, Walmart cut its quarterly and full-year profit guidance, saying inflation is changing the way customers spend.

The big-box retailer said it now expects same-store sales to grow about 6% in the second quarter, excluding fuel, as consumers buy more groceries instead of groceries. discretionary items have higher profit margins.

The company’s shares fell about 7% after hours. It also dragged shares of other retailers, including Target, down more than 4%.

Read the full release here.

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