Walmart 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.
Shares of retailers, including Target and e-commerce giant Amazon, also fell.
Walmart said it now anticipates adjusted earnings per share for the second quarter and full year to to decline around 8% to 9% and 11% to 13%, respectively.
On other hand, Biden and Democrats say some of the fault rests with greedy companies artificially hiking prices, skimping on new domestic investments and paying too little in taxes. That is the blame game by the White House. Just a thought.
