Walmart Dumps Its 2022 Shopping Fest; Adopts Different Route Versus Amazon To Clear Excess Inventory

Walmart Inc WMT has dumped its shopping extravaganza for 2022 that overlapped with Amazon.com Inc 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.
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