February 23, 2023 — Continued food inflation causing shoppers to trade down to cheaper items is expected to impact U.S. grocery seafood sales this year, and Walmart’s concerns about shoppers and Lidl’s corporate layoffs also signal trouble ahead for overall grocery sales.
Walmart reported higher Q4 revenue and an 8.3 percent increase in U.S. comparable store sales, but CEO Doug McMillon warned that shoppers are more cautious and the retailer lowered its profit outlook for the year. Walmart expects “stubborn inflation” in food, Walmart executives said on an analyst call, per Barron’s.