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Walmart Takes Financial Hit

  • Reuters, Friday, July 29, 2022 1 AM

Surging prices for food and fuel are prompting customers to cut back on discretionary purchases, which resulted in Walmart reducing its profit forecast. Shares of Walmart as well as rivals like Target and Amazon tanked after the warning, which signaled a "proverbial train wreck" for retailers, Burt Flickinger, managing director at Strategic Resource Group, told Reuters. 

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