WMT - Grocery Wars - Walmart Maintains Dominance With Lowest Prices In December Target Retains #2 Spot: Analyst | Benzinga
Telsey Advisory Group analyst Joseph Feldman forecasts grocery sales to moderate in the fourth quarter and early 2024 due to the expected further easing of inflation and/or deflation.
The US Department of Agriculture (USDA) expects food inflation/(deflation) to be in the range of (2.0%)-4.7% in 2024 vs. 5.7%-5.9% in 2023.
This comes with food-at-home inflation/(deflation) of (5.3%)-4.6% in 2024 vs. 4.9%-5.1% in 2023.
Based on recent comments from Kroger Company (NYSE: KR) and other grocers, units are starting to show a sequential improvement as inflation moderates and selective promotions return. Still, overall unit growth has been slower than anticipated and slower than the price decline, the analyst adds.
The analyst's December 2023 online grocery pricing study indicated that Walmart Inc. (NYSE: WMT) maintained its price leadership, with product prices down 1.6% from September.
According to Feldman, Target Corporation (NYSE: TGT) and Kroger remained ...