Shares of Walmart Inc. (NYSE: WMT) dropped nearly 10% during after-hours trading yesterday after America’s largest retailer cut its profit outlook for the second quarter and full fiscal 2023. Walmart warned about shifting consumer preferences toward necessities, propelled by record high inflation levels with no relief in sight. Consumers are stocking up on more groceries and daily necessities from Walmart and Sam's Club stores as they fear the prices of these goods will go up further. Meanwhile, consumers are also cutting down on their spending on discretionary items as they are spending more each time they visit the pump and shop for groceries.
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Walmart (NYSE:WMT)
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