Walmart CFO: 'There is considerable pressure on the consumer'
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Walmart CFO: 'There is considerable pressure on the consumer'
Walmart’s (WMT) cautious outlook for 2023 hints at a U.S. consumer increasingly squeezed by inflation, opting to buy necessities over discretionary items.
“While the supply chain issues have largely abated, prices are still high and there is considerable pressure on the consumer,” Walmart CFO John Rainey told analysts during the company’s fourth-quarter earnings call on Tuesday.
“Given the persistence of high prices and the potential for further macro pressures, we're taking a cautious outlook for the year,” said Rainey.
The retail giant continues to see market share gains in groceries and among higher income shoppers, a trend also highlighted last quarter as customers trade down amid higher prices.
Walmart executives highlight food inflation has been the most stubborn of all categories, with little price relief for shoppers. Spending on necessities such as groceries is leaving customers with less discretionary cash in their wallets.
Walmart's strength in food and pharmacy sales was partially offset by a comparable sales dip in general merchandise categories such as toys, electronics, home goods, and apparel.
The cautious commentary coming from Walmart executives on Tuesday gives a clearer indication of the squeeze felt by shoppers but somewhat contradicts recent hotter-than-expected economic data such as last month's jobs report and retail spending.
Walmart's results point to "worries that consumer spending may be sputtering," Louis Navellier of Navellier Calculated Investing, said in a note to clients.
"Despite a spectacular January retail sales report that was apparently distorted by seasonal adjustments," he added.
Retail sales for the month of January grew by 3%, versus a gain of 2% expected by economists. Seasonal adjustments and a milder month could explain part of high gains. Retail sales are nominal, and not adjusted for inflation.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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