Walmart enjoyed higher earnings than expected, as its sales grew more than 8%. The shares of Walmart went up around 5% to close the day at $139.37. On the contrary, profits tightened in the fiscal Q2, as consumers turned to the retailer for groceries and essentials. The retailer also observed that consumers are no longer purchasing high-margin discretionary products like apparel due to rising inflation. Their focus is more on buying necessary items such as grocery staples. CEO Doug McMillon spoke to the analysts and shared that the retailer would continue adjusting and tailoring its pricing strategies as inflation goes up to accommodate shoppers.
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