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Elena Perova | Istock | Getty ImagesJust ahead of the holiday season, Walmart had encouraging news for inflation-weary shoppers: Prices on food and other staples were falling instead of rising. But the retail giant backpedaled this week, saying higher prices on many grocery items and household staples like paper goods have stuck. Food prices climbed 2.6%, fueled by a 5.1% jump in prices for food away from home, a category that includes restaurant meals and vending machine purchases. That gives their makers the ability to keep raising prices to mitigate higher costs, even as their volume drops. Even some of the biggest U.S. brands have signaled that consumers' tolerance of higher prices has worn thin.
Persons: Elena Perova, John David Rainey, Coke, James Quincey, Gregory Daco, airfares, Tyson, Fernando Fernandez, Arun Sundaram, Kraft Heinz, Chocolate, Hershey, Edward Jones, Brittany Quatrochi, Sundaram, Pringles, Kellanova, Heinz, Stefani Reynolds, Brad Thomas, CFRA's Sundaram, Thomas, Frederic J, Brown, Oscar Mayer, Greg Melich Organizations: Istock, Walmart, CNBC, Federal, Depot, Pew Research Center, Maine Foods, Unilever, Nestle, Bloomberg, Getty, Planters, Target, Kroger, AFP, U.S, PepsiCo, Frito, Evercore ISI Locations: Hershey , Pennsylvania, North America, Washington ,, Rosemead , California
How Walmart became America’s largest grocer
  + stars: | 2023-10-22 | by ( Shawn Baldwin | ) www.cnbc.com   time to read: +1 min
In an effort to stretch their dollars, a growing number of Americans are turning to Walmart . The Arkansas-based retailer is America's largest grocer, more than twice the size of its next-biggest competitor as it takes in more than one in four grocery dollars in the U.S., according to KeyBanc Capital Markets. Though many Americans have turned to Walmart for relief from higher prices, the retailer's shoppers aren't immune to inflation. But with inflation cooling and prices leveling off, will Walmart be able to hang on to its newly acquired shoppers? CNBC looks into Walmart's grocery business to see why even more Americans might be buying food from the company in the future.
Persons: Brad Thomas Organizations: Walmart, KeyBanc, CNBC Locations: The Arkansas, U.S, America
CNN —People aren’t buying furniture like they used to. Last week, a pair of furniture retailers said they are experiencing a massive sales slump compared to last year. On Friday, shares of RH (RH) fell 16%, while Hooker Furnishings (HOFT) dropped 17%. The two companies are the latest in a growing list of furniture retailers seeing a slowdown after years of growth fueled by pandemic-era stay-at-home trends. Wayfair, an online furniture seller, saw its second-quarter revenue decline 3.4%, and La-Z-Boy, a furniture manufacturer, reported a 20% drop in sales in August.
Persons: Hooker, David L, Ryan, ” Williams, Laura Alber, Brad Thomas, ” Thomas, , Gary Friedman, Thomas, Bob Williams, Chris Moye, ” Hooker, Jeremy Hoff, Organizations: CNN, West Elm, Boston Globe, KeyBanc, Home, Target, Mortgage, Association Locations: Virginia, Wayfair, Williams, Sonoma, Lynnfield
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's why KeyBanc downgraded Target shares over consumer spending concernsBrad Thomas of KeyBanc Capital Markets joins ‘Squawk on the Street’ to explain the reasoning behind KeyBanc downgrading Target stock and more.
Persons: Brad Thomas, Squawk Organizations: KeyBanc
Most people are familiar with the scourge of the résumé gap. Young entrants to the workforce are leading a new conversation about the workplace, and the long-scorned résumé gap is no exception. Instead of viewing it as a negative, many Gen Zers are arguing that career breaks are positive and forcing employers to reconsider their preconceived notions about the résumé gap. The pesky résumé gapWhile job candidates have papered over résumé gaps for years, taking a break during the long march of a career is not uncommon. For those looking at working well into their 70s, a career gap, or two, simply makes sense.
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