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Walmart says more diners are buying its groceries as fast food gets pricey - TL;DR CNBC

Walmart says more diners are buying its groceries as fast food gets pricey

Publishing timestamp: 2024-05-16 13:51:10


Summary

Walmart's CFO mentioned that the high price of fast food has led more shoppers to its grocery aisles, resulting in better-than-expected earnings and revenue. The company recently launched a premium grocery brand, Bettergoods, with unique items and flavors. Walmart's stock soared to an all-time high as more customers turned to its grocery aisles for cheaper meals compared to quick-service restaurants. McDonald's and other restaurant companies have posted disappointing results, with foot traffic falling. Walmart's strong store traffic and quarterly results contrast with the struggles of restaurant chains.


Sentiment: POSITIVE

Tickers: SGSBUXWMTMCDCMGYUMWING

Keywords: food and drinkwingstop inclifestylebusinessbusiness newsmcdonald's corpsweetgreen incyum! brands incchipotle mexican grill incearningsbreaking news: businesswalmart incretail industrystarbucks corp

Source: https://www.cnbc.com/2024/05/16/walmart-earnings-grocery-sales-rise-as-fast-food-prices-increases.html


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