SNAP cuts impact Walmart’s grocery numbers — PYMNTS.com

Inflation and the expiration of pandemic-era SNAP benefits are making it harder for low-income Americans to afford food. Walmart is feeling the pinch:

“At Walmart’s 2023 Investment Community Meeting last month, CFO and Executive Vice President John David Rainey acknowledged the SNAP cuts had made an impact on the retail giant’s bottom line.

Rainey called the cuts a ‘net negative’ for Walmart but added that it was “important to note that a lot of that is recaptured through under other tender types. Offsetting that somewhat is you’ve got an increase in Social Security benefits with cost-of-living adjustment, which is a benefit to us … I think net through the quarter is actually down year over year.”

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