- Walmart Inc (NYSE:WMT) has dumped its shopping extravaganza for 2022 that overlapped with Amazon.com Inc (NASDAQ: AMZN) Prime Day, CNBC reports.
- Yet this year, much of Walmart's merchandise is already on sale.
- Bright yellow "Clearance" signs have become a fixture in many stores in recent weeks, and Walmart's website touted thousands of Rollbacks, a signature term for the discounter's 90-day price cuts, on bicycles, air fryers and more.
- Walmart's heavy discounting reflects miseries borne by retailers to clear excess merchandise even at the cost of its profits.
- The heavy discounts are forcing other retailers to follow suit.
- High markdowns at Walmart stores caused Oppenheimer to take the company off its list of top picks.
- Oppenheimer saw Walmart benefit from attracting more price-sensitive shoppers who seek low-priced groceries and essentials. However, upcoming quarters will get compared against the pandemic boom period and government stimulus.
- While Walmart bypassed the flashy marketing and short-term sales event, it assured great discounts for shoppers who hit its stores.
- Contrastingly, Amazon will host a second shopping event for Prime members in the fourth quarter.
- Online shopping, which surged amid the pandemic as activities got restricted indoors, has noted a significant correction upon recovery, further accelerated by the rising inflation.
- Price Action: WMT shares traded lower by 0.09% at $125.21 in the premarket on the last check Friday.
- Photo via Wikimedia Commons
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