Walmart’s earnings declined in second quarter

Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

  • Walmart Laying Off Corporate Employees in Sign of Slowing Job Market
  • A change in the ways consumers shop is being driven by rising food and gas prices, as inflation surged to 9.1 percent in June, the company said.
  • Walmart said it now anticipates adjusted earnings per share for the second quarter and full year to decline around 8–9 percent and 11–13 percent, respectively. Previously, the retailer had predicted a 1 percent fall it had previously forecast for the full year.
  • “Food inflation is double digits and higher than at the end of the first quarter. This is affecting customers’ ability to spend on general merchandise categories and requiring more markdowns to move through the inventory, particularly apparel,” Walmart said.

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