Walmart gives Wall Street a crucial sales update on how Americans are dealing with soaring prices
Wealthier buyers are shopping at Walmart. It’s powering the chain’s latest earnings.
On Thursday morning, the retail giant said high-earning Americans are pouring into its stores in search of cheaper groceries and household basics.
That helped Walmart blow past sales expectations and raise its outlook for the second quarter in a row.
Analysts and investors have been anxiously awaiting Walmart’s earnings. They believe it’s a bellwether for the rest of the US economy.
Walmart now expects net sales to rise between 4.8 percent and 5.1 percent this year, up sharply from its prior outlook.
The company posted quarterly revenue of $179.5billion, beating Wall Street expectations, and saw an early rebound in spending after SNAP food-benefit payments resumed following the prolonged government shutdown.
The upbeat results come just days after Walmart announced a major leadership shake-up, with US chief John Furner set to replace longtime CEO Doug McMillon in February.
This is a breaking news story. Updates to come.
Walmart reported strong earnings on Thursday, saying its seeing more high-earning customers in its stores
