Chicago: Walmart’s business continues to grow, and the nation’s largest retailer has higher-income consumers to thank for it.
Shoppers from households earning more than $100,000 made up 75 percent of Walmart’s market share gains in the third quarter, chief executive Doug McMillon said Tuesday during the company’s third-quarter earnings call.
That could position Walmart for a successful holiday season.
“The fourth quarter will be fun to watch,” McMillon said, adding the company expects “it will be similar to the kind of momentum that we’ve seen in the first three quarters.”
Walmart US’s same-store sales grew 5.3 percent over last year.
The Bentonville, Arkansas-based retailer raised its full-year forecast from 4.8 percent to 5.1 percent sales growth.
The stock price was up almost 3.8 percent in late morning trading.
Walmart, often seen as a bellwether for the health of US consumers, is drawing more customers for grocery and general merchandise, signaling that shoppers of all income levels remain price and deals-driven, especially leading into the holidays.
Even as inflation eases, prices remain higher than pre-pandemic levels and shoppers are looking to trade-down on household essentials, apparel and holiday decor.
