Walmart under pressure
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The nation's largest retailer says consumers are still feeling pressure from higher fuel prices and inflation, underscoring why Walmart is leaning harder into low prices and faster delivery.
Why it matters: Retailers are increasingly battling for value-conscious shoppers as inflation worries, fuel costs and economic uncertainty pressure household budgets.
State of play: Last week, CFO John David Rainey said the number of gallons customers purchase during fuel fill-ups recently "fell below 10 for the first time since 2022" — "an indication of stress."
- Walmart said higher fuel prices could eventually create upward pressure on retail prices later this year.
The big picture: Walmart, Kroger and Target are all emphasizing value and convenience as consumers navigate an uncertain economy.
- Bloomberg reported that Kroger plans some of its biggest price cuts in years to compete more aggressively with Walmart and Costco.
- Target executives said shoppers remain "highly choiceful" about where they spend their "valuable time and money."
- Walmart told Axios faster delivery is increasingly helping the retailer win convenience-focused shoppers, with more customers using 30-minute delivery.
What they're saying: "The single best return that we can have on $1 of capital right now is to invest in the customer and invest in price," Rainey said.
- Walmart said it has filed for tariff refunds but does not expect a "massive windfall" from the effort.
- The refunds are for about $2.4 billion, the Northwest Arkansas Democrat-Gazette reported.
Between the lines: Walmart executives said higher-income shoppers continue spending confidently, while lower-income shoppers are becoming more cautious.
- Rainey said Walmart is seeing stronger spending from higher-income shoppers across categories including fashion, beauty and home.
- The retailer said it continued gaining share "across all income cohorts."
