[Campbell's just forecast a weak year](https://www.cnbc.com/2026/09/03/campbells-forecasts-weak-year-ahead-on-pressured-consumer-spending.html) on "pressured consumer spending," but the structural issue runs deeper: unit economics are deteriorating faster than volume can offset. Walmart's revenue growth sits at -63.8% YoY, signaling severe headwinds, while net income declined -57.1% — a collapse that dwarfs any margin compression narrative.

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