![]() Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account (TGT)and other retailers’ stocks also dropped following the news from Walmart. ![]() The company’s stock fell 8% during early trading Tuesday. Walmart in its announcement Monday cut its profit outlook for the second quarter and the remainder of the year. Clothing and general merchandise are more profitable for Walmart than groceries and consumable items. While lower prices and markdowns are welcome news for shoppers, they mean lower profit for companies. Walmart is the largest retailer in the United States, and its move could prompt rivals to bring down prices in these areas. ![]() The company expects a slowdown on customer spending for general merchandise in the second half of the year, McMillon said. “The increasing levels of food and fuel inflation are affecting how customers spend,” Walmart CEO Doug McMillon said in a news release Monday. (WMT) is cutting prices on some items and marking down products. (WMT) and other retailers stuck with too much clothing and bigger-ticket stuff sitting on their shelves. Many shoppers have pulled back on buying clothing and other discretionary items as the highest inflation in four decades pinches their pocketbooks.
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