Walmart on Monday cut its quarterly and full-year profit guidance, saying inflation was changing how its customers spend.
The big-box retailer said it now expects same-store sales to rise by about 6% in the second quarter, excluding fuel, as consumers buy more groceries instead of higher margin discretionary items.
Shares of the company fell about 7% after hours. It also dragged down other retailers’ stocks, including Target, which was down by more than 4%.
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