In their Q2 earnings release on August 16th, Walmart surpassed market expectations following their guidance recalibration in July. The company had a strong topline for the quarter with improving margin and bottom-line. As inflation continued to rise each month during Q2, Walmart saw market share gains, increased trade-downs, significant private brand growth, and higher income shoppers. The company’s guidance for Q3 and the remainder of the year assumes ongoing inflation, markdowns, and heavier mix in Food & Consumables. Leaders indicated they expect to see shifts in consumer behavior as a result of inflation to continue into 2023.

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