00:00It's Benzinga bringing Wall Street to Main Street
00:02Walmart said higher-income shoppers drove most of its recent share gains as lower-income
00:06households faced stretched budgets, according to NBC News.
00:11CEO Jon Furner said the majority of share gains came from households earning more than
00:15$100,000, while households earning below $50,000 were managing spending paycheck to paycheck.
00:21Experts describe a K-shaped economy in which wealthier consumers drive spending through
00:26stock gains and wage growth while lower-income households struggle to keep up with rising
00:30costs of food, housing, utilities, and childcare.
00:34The company warned of caution amid a hiring recession, lower consumer sentiment, and student
00:39loan delinquencies.
00:40CFO John David Rainey said tariff-driven inflation has reached or is reaching its peak.
00:45Walmart stock fell nearly 1.4% after issuing a profit forecast below Wall Street estimates.
00:51For all things money, visit Benzinga.com.
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