Walmart on Thursday increased its customer discounts to counteract the impact of tariffs as President Trump’s trade policies threaten to continue to drive up prices around the country.
On Thursday, the nation’s largest retailer raised its fiscal year sales and profit forecast. In its second quarter, Walmart offered more than 7,400 discounts, including 30 percent more grocery discounts compared to last year, according to Fox Business.
Walmart’s reported U.S. sales hit $120.9 billion over the second quarter, up 5 percent from last year.
Tariffs have forced Walmart to raise prices on certain goods, but that hasn’t been reflected in consumer spending habits. Low- and middle-income customers have resorted to purchasing lower-priced options or abstaining from purchases altogether.
“We’re keeping our prices as low as we can for as long as we can. Our merchants have been creative and acted with urgency to avoid what would have been additional pressure for our customers and members,” Walmart CEO Doug McMillon told investors.
Nearly a third of Walmart’s spending is allocated to products made around the world, and China and Mexico are the largest contributors.
The Associated Press contributed to this report
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