Business
As holidays approach, value players Walmart and T.J. Maxx are drawing the cash-strapped and the wealthy
Sign at the entrance to a Walmart in Venice, Florida(L), and a T.J. Maxx store in Pinole, California.
Getty Images
As more major retailers post earnings, one theme is clear: Value players are winning both the wealthy and the cash-strapped.
Walmart and TJX, T.J. Maxx’s parent company, stood apart from the pack this week by hiking their full-year forecasts and expressing optimism about the start of the holiday season. Both said sales have grown as they win shoppers across the income spectrum, in the same week other major U.S. retailers Home Depot, Lowe’s and Target cut their profit outlooks and said they saw consumer reluctance to make large purchases.
In an interview with CNBC, Walmart CFO John David Rainey said the big-box retailer has seen “value-seeking and choiceful” spending patterns by consumers for the past several quarters. He said “it stands to reason, if there’s a little incremental strain on the consumer, they’re only going to become more so, they’re going to look for more value.”
And TJX CEO Ernie Herrman said the company, which includes Marshalls and Home Goods, has seen a “strong start” to the holiday quarter and is “convinced that consumers will continue to seek out value.”
Shares of both Walmart and TJX rose on Thursday, even as the three major U.S. stock indexes turned negative.
The performance of the two retailers, which are both strongly associated with compelling deals, jumps out at a moment when investors, industry watchers and economists are trying to predict retail sales during the critical holiday season and the outlook for the U.S. economy next year. Their performance could bode well for other off-price chains, such as Ross and Burlington, and value-focused players, including Dollar General, Dollar Tree, Five Below and Costco, which will report their most recent earnings in the coming weeks.
In recent months, a mix of factors have made it difficult to gauge how retailers and the broader economy will fare in the months ahead. That includes jitters about the job market following major layoffs at companies including Amazon, Verizon, UPS and Target, and concerns that the stock market has been propped up by artificial intelligence companies, contributing to the risk of an bubble. A prolonged government shutdown also muddied the waters by delaying the release of recent jobs and inflation data.
There have also been contradictions between what consumers say and do. Consumer sentiment has tumbled to nearly the lowest level ever, even as retail sales grew stronger in October, according to the CNBC/NRF Retail Monitor.
That’s led to murky holiday expectations. For example, the National Retail Federation predicted that holiday sales will grow by 3.7% to 4.2% year over year and top $1 trillion for the first time, while consulting firm PwC said consumers plan to cut their holiday spending average by 5% compared to the year-ago holiday season.
Home Depot, Lowe’s and Target put their thumbs on the scale this week. All three lowered their full-year profit forecasts and spoke of pressure on their businesses as customers hesitate to take on bigger projects or make pricier purchases.
For Home Depot and Lowe’s, the lack of consumer confidence may prolong a period of conservative spending driven by lower housing turnover. For more than two years, they have seen customers take on smaller home improvement projects rather than splurges like remodels and renovations that cost more or require financing. That pattern has held, even though they cater to U.S. consumers who typically own a home and have benefitted from home equity gains.
Lowe’s CEO Marvin Ellison said even homeowners are “not immune” to feeling shaken by news headlines about the government shutdown, higher tariffs and other policy changes that could hit their wallets — which could encourage price-sensitivity and procrastination on purchases. He said the home improvement retailer has focused on ways it can move the needle with its own strategies, such as expanding its merchandise assortment and attracting more home professionals as customers.
Target, which has faced some struggles of its own making, expects shoppers will watch prices and make trade-offs during the holiday season, such as spending more on gifts and less in other areas like decor or food, Chief Commercial Officer Rick Gomez said on a call with reporters. The retailer has cut prices on 3,000 food and home essentials and tried to attract shoppers with low opening price points, such as $1 Christmas tree ornaments.
At Walmart, Rainey told CNBC the company has “been gaining [market] share among all income cohorts, but as we noted for several quarters, they’re more pronounced in the upper-income segment.”
For TJX, Herrman said the company’s focus on value is a competitive edge. He said on the company’s earnings call that it’s blend of “brand, fashion, quality and price sets us apart from many other retailers and has served us extremely well through many kinds of retail and economic environments over the course of our nearly 50-year history.”
In a research note, retail analyst and Telsey Advisory Group CEO Dana Telsey said TJX’s repeated earnings beats “highlight the strength of its value-focused proposition, which continues to resonate with consumers amid an increasingly price-sensitive environment.”
Customers of all incomes are coming to TJX’s stores and website, but lower-income shoppers drove sales growth in most of its geographies in its latest quarter, CFO John Klinger said on an earnings call.
While Walmart and TJX have weathered cracks in the economy better than many other retailers, they’re not immune to economic weakness.
Walmart’s Rainey said that despite its strong sales forecast for the year, the retailer has spotted “pockets of moderation” among low-income shoppers as they feel more pinched than other customers. On the company’s earnings call on Thursday, he referred to the sharp disparity in wage growth between high- and low-income U.S. consumers.
He also told CNBC that the retailer noticed a pullback by customers who stopped receiving Supplemental Nutrition Assistance Program, or SNAP, benefits during the government shutdown. But Rainey said, “that’s starting to rebound now that people are receiving those funds again.”
“We’re seeing the same things that that others are, and we’re keeping a watchful eye on it,” he said on the company’s earnings call. “But again, I think Walmart is better insulated than just about anybody.”
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A meeting of the National Finance Commission (NFC) has been scheduled for December 4 to discuss the implementation of IMF conditions and the new financial award.
According to sources, the meeting will focus on IMF proposals regarding changes to the NFC Award. To consult on the matter, the federal government has invited all provinces to attend the session.
Federal Finance Minister Muhammad Aurangzeb, along with the finance ministers of the four provinces, is expected to participate in the meeting.
The IMF is anticipated to support the proposals for the new National Finance Award. Sources indicated that if multiple sessions are required to finalize the award, the process could take six to eight months.
The first scheduled NFC meeting had earlier been postponed at the request of the provinces due to flood-related disruptions.
Separately, the International Monetary Fund (IMF) highlighted that corruption remains a persistent challenge in Pakistan, urging the Special Investment Facilitation Council (SIFC) to publish its first annual report.
In its Governance and Corruption Diagnostic Assessment (GCDA), the IMF stated that corruption poses serious risks to economic development and public trust.
The Fund called on the government to enhance transparency, strengthen governance structures, and immediately begin implementing a comprehensive reform agenda.
According to the report, the IMF has called on the SIFC to develop clear protocols for its operations and significantly improve transparency to ensure effective oversight and accountability.
It further recommended that the SIFC must publish its first annual report, detailing all investment deals it has facilitated, including any tax, policy, regulatory, or legislative concessions granted—along with the full rationale and the monetary value of each concession.
New Delhi: Since the post-COVID period, Indian Railways has made onboard meals optional for passengers on premium trains. While booking tickets online, passengers can now choose whether they want meals during the journey or prefer to skip them. At present, meal charges are included in the ticket fare for three major trains – Rajdhani Express, Shatabdi Express and Vande Bharat Express.
When booking on these trains, passengers must indicate their preference for onboard meals. But even if someone initially declines meals, Indian Railway Catering and Tourism Corporation (IRCTC) allows them to order food later during the journey if they change their mind. Meal charges are adjusted accordingly: added to the fare if selected or deducted if declined.
A frequent point of confusion among travellers relates to the complimentary one-litre Rail Neer water bottle. Many wonder whether skipping meals also means losing the free water bottle that comes with Rajdhani and other premium train journeys. Passengers often ask if the water bottle is tied to the meal option or if it is provided independently.
Free Rail Neer water bottle is provided to all passengers, irrespective of whether they opt for meals. “The complimentary water bottle is available to everyone once onboard, regardless of meal preference,” an IRCTC official told The Indian Express.
Last month, rumours spread suggesting that the Indian Railways had removed the ‘No Meals’ option on premium trains, after some passengers noticed the IRCTC app and website prompting mandatory meal selection during ticket booking.
However, the railways clarified that the ‘No Food’ option has not been removed. It remains available during booking, though the placement on the page has been slightly adjusted. Passengers can still opt out of meals.
Skipping meals no longer affects access to the complimentary water bottle, and flexibility to order food later ensures passengers can tailor their journey according to personal preference.
Business
RBI Rule Alert: All Bank URLs To Now End With ‘Bank.In’ — Video Details New Scam, Know How To Protect Your Money
Last Updated:
The video explains how customers can verify authentic bank portals and avoid falling victim to fraudsters’ traps.
The .bank.in domain is restricted to RBI-registered banks. (Image: File Pic)
As more people turn to online banking, scammers are finding new ways to target unsuspecting users. Many individuals fall prey to links and messages that appear completely legitimate, making it increasingly difficult to distinguish between what is genuine and what poses a threat.
Recently, a video has been gaining attention online, highlighting an important update about banking websites. It explains how customers can verify authentic bank portals and avoid falling victim to fraudsters’ traps. The video also underscores a new initiative by the Reserve Bank of India (RBI) aimed at enhancing online banking security.
Important Update On Bank Website Domains
The clip begins with, “There is a recent update from RBI which you all must be aware of.” The speaker mentions banks like HDFC, SBI, ICICI and Kotak Mahindra and pointed out a major change in website addresses.
“If you are user of any of these banks, then you should know that all the bank websites have now moved to a new called ‘.bank.in.’ This means if you’re a user of HDFC, the new banking website will be HDFC.bank.in, and similarly with other banks like ICICI.bank.in,” he said.
He adds that any URLs ending with .com, .in, .net, or any domain other than .bank.in should be considered suspicious. Users are advised not to click on these links or share their banking credentials there.
Email Security
The video also focuses on emails: “All the banking emails you receive should come from the same domain – @yourbankname.bank.in.” Previously, websites like HDFCsecure.com or ICICIlogin.net were used by scammers to trick users. The .bank.in domain is restricted to RBI-registered banks only which reduces the chance of fraud.
Warnings About Possible Scams
The man further cautions viewers about how scams can spiral around this new change, saying, “You will soon receive in this coming one or two days a lot of SMS saying you need to update your bank details, click on this link immediately. Understand that it is a scam.”
The caption shared along with the post reads, “Beware of new scam.”
Watch The Clip Here
Viewers Call Video ‘A Must-Watch’
The video has drawn attention online, where viewers considered the information valuable and worth sharing.
One user commented, “This is good information and everyone must know this.”
Another called it “Important,” while someone else wrote, “take a note.”
“Must watch post,” read another comment.
RBI’s Role In Enhancing Security
RBI had instructed all banks, payment operators and financial institutions to transition their net banking portals to the .bank.in domain by October 31, 2025. With this deadline now passed, nearly all banks have updated their websites simultaneously.
Although the change may seem sudden to some users, it is part of a broader RBI initiative aimed at protecting customers from scams and phishing attacks.
A team of writers at News18.com bring you stories on what’s creating the buzz on the Internet while exploring science, cricket, tech, gender, Bollywood, and culture.
A team of writers at News18.com bring you stories on what’s creating the buzz on the Internet while exploring science, cricket, tech, gender, Bollywood, and culture.
Delhi, India, India
November 21, 2025, 08:04 IST
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