From CNBC: 2024-05-16 20:19:29

Affluent shoppers boosting Walmart’s profits may create a risky situation. Former CEO Bill Simon warns high-income customers may be hard to retain due to lack of premium experiences. Stock hits record highs after strong Q1 results. Simon predicts trouble in 24 months as inflation decreases and customer priorities shift.

Read more: Walmart bubble due to high-income grocery spending, warns Bill Simon