Walmart's finance chief urged analysts Thursday to give the company time on its decision to cut prices, rolling back costs on more than 11,000 items including ground beef. The retailer cited ongoing consumer strain from inflation and high gas prices.

The price reductions are funded by approximately $2.9 billion in tariff refunds the company received. Walmart framed the move as a long-term investment in customer loyalty despite near-term pressure on margins.

Shares fell sharply after the company reported its smallest sales gain in more than six years, partly due to new pharmacy-pricing regulations that squeezed revenue. The results underscore the tension between price investment and profitability.

Separately, Starbucks announced it is laying off more than 200 corporate workers as part of a broader restructuring effort.