Walmart warns US shoppers are cutting spending as higher gas prices bite
Walmart has reported that rising gas prices are leading US consumers to reduce their spending. The retailer anticipates a slowdown in sales growth due to the financial strain caused by the ongoing conflict in the Middle East. As tax refunds diminish, consumers are expected to feel the impact of higher fuel costs more acutely in the coming months.
- ▪Walmart expects sales growth to slow significantly between May and July due to higher gas prices.
- ▪The average price of a gallon of gas has risen to $4.56, up from $3 since the start of the Iran war.
- ▪Walmart's first-quarter profit was $5.3 billion, an 18.8% increase compared to the previous year.
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Walmart warns US shoppers are cutting spending as higher gas prices biteJust nowShareSaveAdd as preferred on GoogleArchie MitchellBusiness reporterGetty ImagesWalmart has warned higher gas prices are causing US consumers to cut spending elsewhere as the war with Iran continues to squeeze household budgets.The retail giant expects its sales growth between May and July to slow significantly from the previous three months, with higher prices at the pump to blame.The conflict in the Middle East has led to a surge in wholesale oil prices, in turn pushing up the price of gasoline for Americans.Data from motoring group AAA shows the average price of a gallon of gas has hit $4.56 (£3.40), up from $3 when the war began.In an interview with CNBC, Walmart finance boss John David Rainey said the…
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