walmart is droping prices of everything
Excessive Inventory Walmart is dropping prices.
On Tuesday Walmart Inc forecasted a smaller drop in full year profit than previous projected
people are taking advantage of Walmart's price drop
Walmart's total revenue rose 8.4% to $152.86 billion in the second quarter, helped by demand for food and other essential items.
· A host of other retailers including Target Corp and Best Buy Co Inc. have also issued profit warnings in recent weeks as they struggle with excess merchandise.
Analysts had estimated revenue of $150.81 billion, according to IBES data from Refinitiv.
However, discounts on discretionary products, slowing demand for high-margin items such as appliances, electronics and clothes, etc.
and rising labor costs led to a 6.8% fall in the company's quarterly operating income to $6.85 billion.