Walmart scored a big jump in revenues partly driven by inflation but faces increasing evidence of shifting consumer behaviour due to rising prices.
Walmart is seeing elevated demand for grocery items due to inflation, but less interest from consumers in apparel and electronics.NEW YORK - Walmart scored a big jump in revenues partly driven by inflation but the retail giant faces increasing evidence of shifting consumer behaviour due to rising prices, according to quarterly results released Tuesday.
The chain even tweaked its latest profit forecast in a positive way as ebbing gasoline prices and a rise in back-to-school shopping boosted activity. "I think this inflationary environment is going to last for a while," Chief Executive Doug McMillon said on a conference call with analysts."So people are going to be value conscious, which plays to our strength."
Profits jumped 20.4 percent to $5.1-billion, though some of the increase was connected to the accounting for an asset sale in Brazil.
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