Walmart sounds a note of caution on consumers ahead of holidays, shares fall 7%

Walmart’s bigger focus on groceries has provided a bulwark against the broad slowdown in discretionary spending with more than half of the company’s merchandise comprising of food and other daily essentials. Chief Financial Officer John David Rainey told Reuters the company saw shoppers slow purchases in the second half of October, but rebound in early November on items including apparel and home goods that have been out of favor for most of the year.