Connect with us

Hi, what are you looking for?

Stock

Walmart says users of weight loss drugs are buying less food

Walmart says people who get weight loss drugs like Wegovy at its pharmacies are buying a bit less food at its stores.

Walmart’s U.S. CEO, John Furner, told Bloomberg News that the company is seeing signs that people taking GLP-1 agonist appetite suppressant medications are buying ‘less units, slightly less calories.’

GLP-1 agonists include semaglutide, which is sold under the name Ozempic as a Type 2 diabetes treatment and Wegovy as a weight loss drug; as well as Mounjaro and Victoza.

The retail giant is comparing shoppers who pick up a prescription for those medications at its pharmacies to shoppers who are otherwise similar but aren’t filling those scripts at Walmart. Using anonymized data, it’s looking for patterns in the spending of those groups, and it says the first group is buying less food.

Doug McMillon, CEO of Walmart, Inc., said in August that the growing popularity of the drugs was helping its sales.

Wegovy.Steffen Trumpf / dpa/picture alliance via Getty Images file

According to Trilliant Health, prescriptions of those medications quadrupled from late 2020 to 2022, with 9 million prescriptions filled in the last three months of last year.

Walmart previously recorded stronger grocery sales when high inflation was driving wealthier shoppers to its stores. In summer 2022, after inflation had topped out at 9.1%, the company said it saw more customers in higher income brackets shunning expensive grocery stores in favor of Walmart’s lower prices.

In a company earnings release at the time, McMillion said, “We’re pleased to see more customers choosing Walmart during this inflationary period, and we’re working hard to support them as they prioritize their spending.”

This post appeared first on NBC NEWS

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    Kim Jong Un attended a “paramilitary parade” with his daughter to mark the 75th anniversary of North Korea’s founding on Saturday, the country’s state...

    Economy

    A U.S. District Court judge Thursday blocked implementation of a new Idaho law that would prevent transgender students from using restrooms, locker rooms and...

    Stock

    The Consumer Price Index hit 3.2% in July, compared with 3% in June, the Bureau of Labor Statistics reported Thursday. Once again, food prices...

    Stock

    Target said Tuesday that it will close nine stores in major cities across the country, citing violence, theft and organized retail crime. The company will...

    Disclaimer: aimyourdeals.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2023 aimyourdeals.com