Osaic market strategist Phil Blancato discusses key economic data this week in 'Making Money.'
Walmart CEO John Furner said on Wednesday that rising fuel prices are putting increasing pressure on consumers, as low-income families are showing signs of financial stress.
Speaking to reporters during Walmart's shareholder week in Bentonville, Arkansas, Furner said the retailer continues to attract high-income shoppers who visit stores frequently and spend more. At the same time, Walmart is seeing evidence that lower-income customers are becoming more conscious of their spending.
“We continue to see high net worth customers coming to Walmart,” Furner said. “We meet a lot of them, they buy a lot, they come often. … Then we see other signs of pressure on low wages.”
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Walmart CEO John Furner (right) and Dan Bartlett, senior vice president, Corporate Affairs, Walmart Inc., speak at Walmart headquarters in Bentonville, Arkansas, Wednesday, June 3, 2026. (FOX Business)
One clue comes from Walmart-owned Sam's Club. According to Furner, Sam's Club members average about 9.8 gallons per gas purchase, while filling up more often, suggesting that consumers manage their budget as gas prices continue to rise.
“That's the really pressing factor — the price of fuel,” Furner said.
Despite those challenges, Furner said Walmart remains well-positioned to provide customers with a wide assortment of merchandise and low-price strategies.
“Walmart is well-positioned for any type of economy,” he said.
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Customers shop at a Walmart store on May 13, 2026, in Chicago, Illinois. (Photos by Scott Olson/Getty Images)
During the most recent quarter, the retailer reduced prices on nearly 7,200 items, an increase from a year ago.
“I think we did a really good job of keeping our prices down for the quarter,” Furner said. “We had 7,200 rollbacks, that's more than last year. We did that while maintaining and increasing our gross margin.”
The comments came during Walmart's annual shareholder week, which draws executives, investors and media to Northwest Arkansas each year.
U.S. consumer confidence fell slightly in May as worries about rising gas prices and inflation outweighed growing optimism about the labor market, according to Reuters. The reading, however, came in above economists' expectations, lending a balance to the cautious consumer outlook.
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An “Associates Week” sign is displayed at a Sam's Club store in Bentonville, Arkansas, Wednesday, June 3, 2026. (FOX Business / Fox News)
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Last month, Walmart warned that higher fuel costs could add pressure on consumers, especially as the short-term boost from tax refunds fades and inflation continues to outpace wage growth.
“I think the higher tax refunds have calmed some of the pressure associated with higher gas prices and since we're in a period where those tax refunds are not coming in, I think consumers will feel the pressure from higher gas prices,” Walmart's CFO John David Rainey told CNBC following the company's first quarter earnings report.
“It's something we're keeping a close eye on,” he added.
FOX Business' Kristen Altus and Reuters contributed to this report.
