Walmart cut its profit forecasts for the second quarter and full year, citing the need to lower prices to clear out bloated inventories.
Walmart Inc. cut its annual profit outlook for the second time this year, citing the need to lower prices to clear out bloated inventories.
Walmart is following rival Target Corp. in cutting its profit forecast again as retailers contend with higher costs and stockpiles of unwanted merchandise. The highest inflation in four decades is forcing consumers to prioritize spending on groceries while shying away from big-ticket items, Walmart said.
Walmart shares slid as much as 9.2 per cent in late trading to US$119.81. The stock had dropped 8.8 per cent this year through today’s close. Shares of Target Corp., Amazon.com Inc. and Costco Wholesale Corp. also declined.
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