Big Corporates see declines (+more!)

Ecommerce News, Tips and Trends

Walmart warns that higher prices for food and fuel are causing consumers to pull back. Announces it will significantly cut prices to reduce merchandise levels at its flagship chain and Sam’s Club. Now expects its operating income to decline 10-12% for the fiscal year.

Best Buy shares a guidance update and now expects Q2 comparable sales to decline ~13% YoY. “Consumers are pulling back at a faster, deeper pace than we had initially assumed as they spent money on experiences or became more budget-conscious as food and gas prices rose. As high inflation has continued and consumer sentiment has deteriorated, customer demand within the consumer electronics industry has softened even further, leading to Q2 financial results below the expectations we shared in May,.”

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