Walmart struck a cautious note in its economic outlook on Tuesday as the retail bellwether forecast full\u002Dyear earnings below estimates.
“There’s still a lot of trepidation and uncertainty with the economic outlook. Balance sheets are continuing to get thinner, savings rate is roughly half of what it was at a pre-pandemic level and we’ve not been in a situation like this where the Fed is raising at the rate that it does,” Chief Financial Officer John David Rainey told Reuters.Article content
The forecast includes a 14-cent estimated impact from an accounting charge related to moderating inflation in key merchandise categories and reduced inventory levels at its Walmart U.S. and Sam’s Club business, the company said.Home Depot also forecast weaker-than-expected annual profits on Tuesday as soaring prices hit demand for home-improvement products.
“We’re gaining share across income cohorts, including at the higher end which made up nearly half of the gains we saw in the U.S. again this quarter,” McMillon said on the call. “During the pandemic, retailers like Target benefited from a trade-up consumer mentality,” said Landon Luxembourg, analyst at Third Bridge. “Now as shoppers become increasingly cost-conscious and trade down, Walmart is in just the right position to benefit.”
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