(CNBC) Walmart on Monday cut its quarterly and full-year profit guidance, saying inflation is causing shoppers to spend more on necessities such as food and less on items like clothing and electronics. That shift in spending has left more items on store shelves and warehouses — forcing the big-box retailer to aggressively mark down items that customers don’t want. The company’s stock fell in after-hours trading following the announcement.
Walmart cuts profit outlook as inflation forces shoppers to spend more on necessities
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