Consumer companies slid after Walmart posted its most meager rate of sales growth in six years, suggesting that elevated gas prices are eating into discretionary spending.
Walmart shares fell 9.2%, their largest percentage decline in more than four years after it said U.S. comparable sales, those from store and digital channels operating for the past 12 months, rose 2.6%. That was the smallest increase since the depths of the pandemic in 2020. "It appears there were choices between necessities within the quarter because of where gas prices are," said Walmart Chief Financial Officer John David Rainey, as reported earlier.
July Swiss watch sales rose but a mixed picture emerged with some regions and price-points seeing softness, said analysts at brokerage Telsey Advisory Group, in a note to clients.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
