Walmart Falls 7% on Cautious Consumer Outlook, Late-October Dip

Bloomberg2023-11-16

Retail giant modestly raises forecast but sees ‘pressure’CFO expects holiday shoppers to wait for promotional offersWalmart Inc. sank 7.3% in morning trading as the retailer struck a concerned tone on...

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While November is off to a good start thanks in part to promotions and holiday shopping, higher interest rates and student-loan repayments are weighing on demand.“The takeaway for us is that we’re seeing strength, we’re seeing share gains versus others, but there still is pressure on the consumer,” the finance chief said.Walmart’s muted tone points to the uncertainty around consumer spending, a bulwark of the US economy, even as the company grabs more sales from many rivals. Excluding fuel, comparable sales at Walmart’s US unit rose 4.9% during the three months ending in late October. Target Corp. and Home Depot Inc. reported declines in that metric this week, as consumers continued to pull back from discretionary purchases.Walmart climbed 20% this year through Wednesday, compared with the 17% increase in the S&P 500 Index.Walmart slightly raised its profit forecast, saying adjusted earnings for the fiscal year ending in early 2024 will be as much as $6.48 a share. The world’s largest retailer had previously capped its profit outlook at $6.46 a share. Wall Street had been estimating $6.48.But the forecast for a 7% to 7.5% increase in operating income was little changed, and the final results will probably come in at the lower end of that range, Rainey said.His caution points to a holiday shopping season that’s likely to have greater discounts to boost sales — a welcome respite for shoppers but tough on retailers’ profitability.“Consumers are waiting for these events, these promotional activities to buy,” he said.Walmart Chief Executive Officer Doug McMillon, Rainey and other leaders of the Bentonville, Arkansas-based company are scheduled to discuss the results on a conference call at 8 a.m. New York time.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1122547221"}