Walmart Is Using Its $2.9B Tariff Refund to Benefit You

Walmart told investors Thursday it has received nearly all of the $2.9 billion in tariff refunds it was owed and is channeling that cash into price cuts and store upgrades as inflation and higher fuel costs squeeze its core shoppers. CFO John David Rainey said the money is going toward lower prices on groceries and general merchandise, with Walmart rolling out 11,000 temporary price rollbacks last quarter, many put in place at the end of the period, reports the Wall Street Journal. That's up from 7,200 in Q1, per CBS News, and echoes Target's strategy; NBC News reports it has dropped prices on 10,000 items in the past year.

Despite a nearly 30% jump in operating income for the quarter, Walmart said its US same-store sales growth—2.6% for the quarter—represented its weakest pace in six years, "fann[ing] anxiety about the financial well-being of low-income shoppers," per the AP.