big number
$2.9 billion. That’s how much Walmart is eligible to receive in tariff refunds, though the retailer has received less than $100 million of that total, Rainey told CNBC. Those refunds will be used to lower prices for consumers, likely impacting the next quarter, Rainey said.
key background
Walmart’s earnings often serve as a gauge of overall consumer health, and Rainey reportedly said customers are “still spending” despite higher gas prices. Walmart’s stock hit an all-time high in February, shortly after the firm became the first traditional retailer to surpass the $1 trillion market-cap milestone, as Wall Street analysts praised it as one of the strongest retailers. Shares have declined in recent months, however, as higher inflation has raised concerns about Walmart’s U.S. growth—comparable sales growth in the U.S. has now slowed for the second-straight quarter.
Read more North Korea Fires Test Missiles— Kim Jong Un’s Sister Says She’s ‘Unaware’ Of Talks With Trump
further reading
ForbesTariff Refunds Start Today—But Average Consumers Won’t BenefitBy Ty Roush
ForbesWhy Walmart’s Stock Hit An All-Time High—Boosting Rob Walton Into Top 10 RichestBy Ty Roush