Market movers: Stocks seeing action on Thursday - and why

), as Americans continue to struggle with paying high prices for food. While prices for food eaten at home fell for the second-straight month in April, they remain elevated at 7.1% above a year ago, data from the Commerce department showed last week.

“We see a continuation of trade-down, certainly as consumers focus on maybe lower-price proteins or lower pack sizes, but we also see private brand penetration continue to do really well for us in the quarter,” CFO John David Rainey told Reuters. On a post-earnings conference call with analysts, CEO Doug McMillon said he remained “uncertain” about the back half of the year as inflation remained “stubborn” in dry groceries and items made for immediate consumption.

The company also forecast net sales to rise about 3.5 per cent, higher than its prior outlook of 2.5 per cent to 3 per cent.

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