Walmart CEO says shoppers are being more selective as they deal with inflation

The American shopper is still feeling “stressed” by inflation, but the effects aren’t being felt evenly across categories, Walmart CEO Doug McMillon said Tuesday.
Shoppers are being more selective about their purchases, McMillon said, and skipping some electronics, for example, in favor of staples.
Walmart is among a slew of retailers that has seen a shift in shopping patterns as inflation drives up the price of food, housing and more.
Walmart updated its forecast this summer to reflect that dynamic. It cut its profit outlook in July, as it aggressively marked down some merchandise and as consumers bought fewer high-margin discretionary items. But it raised its comparable sales projection because of stronger-than-expected grocery sales.
Last month, it gave a more cautious outlook than Wall Street expected. Walmart said it anticipates comparable sales for Walmart U.S. will rise about 3%, excluding fuel, in the holiday quarter. That was below Wall Street’s expectations of 3.5% growth, according to StreetAccount.