Walmart slashing prices on clothes and more
(CNN) - Walmart says inflation is actually leading them to cut prices on some products.
Walmart’s CEO Doug McMillon said Monday that rising food and fuel prices have many shoppers pulling back on buying clothes and other items.
To get rid of a huge buildup of inventory, the company says it is slashing prices on clothing and some big-ticket products.
The company also expects a general slowdown in customer spending in the second half of the year.
Those projections caused the company’s stock to fall 9% in after-hours trading.
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