CNBC Headline: Walmart cuts profit outlook as inflation forces shoppers to spend more on necessities
PUBLISHED MON, JUL 25 20224:20 PM EDTUPDATED 26 MIN AGO
Walmart shares fell after the company cut its profit expectations as inflation forces shoppers to spend more on food and less on electronics and other discretionary categories.
CEO Doug McMillon said aggressive markdowns on items such as clothing are also hurting margins.
Walmart shares fell, as did the stocks of other retailers, including $TGT Target, and e-commerce giant $AMZN Amazon.
1. $WMT daily chart
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2. $AMZN daily chart
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3. $TGT daily chart
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