Walmart’s slashed profit outlook sends warning about state of the American consumer
The big-box retailer said everyday necessities are eating up more of household budgets and leaving shoppers less money to spend on items they want, such as new clothing.
The announcement raised concerns about shifting consumer behavior and whether inflation has brought pandemic-fueled shopping sprees to an end.
Major retailers including Walmart and Macy’s are scheduled to report earnings in mid-August.
