Walmart said Thursday during a call with analysts that 'many consumer pocketbooks' are still being stretched as inflation remains well above the Fed's 2% target.
While Walmart's earnings topped Wall Street expectations, CFO John David Rainey said that "many consumer pocketbooks are still stretched." "We see the effect of that in our business specs as they're spending more of their paychecks on non-discretionary categories and less on general merchandise," Rainey told analysts on the first-quarter earnings call Thursday. Rainey said that particular merchandise mix is still a headwind to margins, but Walmart U.S.
The Arkansas-based retailer also reported adjusted earnings of 60 cents per share, topping Wall Street's estimate of 52 cents. In the midst of a year marked by uncertainty and persisting inflation, the company raised its full-year forecast. WHY ARE GROCERIES STILL SO EXPENSIVE? In April, inflation climbed 3.4% from the same time last year, down from the 3.5% reading in March. While inflation has fallen considerably from a peak of 9.1%, progress has largely flatlined since the summer.
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