A slew of earnings and new government data show American consumers are still spending, though at a slower pace and more strategically. But it’s clear that shoppers are getting bogged down by stubbornly high prices, particularly on food and gasoline.
, the retail giants delivered a few surprises with their second-quarter financial reports.
Walmart also owns Sam’s Club, which saw record new customers in the second quarter. Its same-store sales — excluding fuel — also increased 9.5 percent.Target and Walmart both recorded lower sales in apparel, technology and housewares, which didn’t come as a surprise. It’s widely understood that consumers are cutting out nonessentials to afford necessities at a time when inflation has been hovering near 40-year highs.
Both companies felt the sting of higher gas and supply chain costs, but Target felt it more, Saunders said, and the increased operation costs combined with steep markdowns left the company with less room to breathe, he added.“I think Target has spent quite a lot in things like distribution centers, in warehouses, on staff wages,” Saunders said.
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