Investors became nervous as stock markets around the world plunged on Monday. While most have recovered somewhat from the worst of the declines, and US stocks even recovered on Tuesday, the threat of a recession looms large over the market, making now the perfect time to buy. Walmart (NYSE:WMT) stock. While investors are panicking, tried-and-true Walmart stock still looks like a winner.

The retail king will give your portfolio the ballast it so desperately needs. It’s no longer just a one-hit horse selling cheap goods to a large number of consumers. It’s a true technology stock with a wide reach that will drive future growth.

Walmart stock still weakens in sales

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Retail, of course, is still the straw that breaks the camel’s back. In the fiscal first quarter ended April 30, total revenue rose 6% to $161.5 billion, with comparable store sales up 3.8%. This led to gross profit margins expanding 42 basis points to 24.1%, while net income rose to 60 cents per share, up 22% from 49 cents per share a year earlier.

Especially in a high-inflation environment like ours, Walmart’s everyday low-price strategy continues to resonate with consumers.

Management now expects adjusted sales and operating profit to exceed its previous estimates of 3% to 4% sales growth and 4% to 6% operating profit growth. That may not seem impressive, but we’re talking about a retail giant with annual sales of $642 billion.

An omnichannel market leader

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Walmart entered e-commerce nearly 25 years ago. Since then, it has become the second largest online retailer behind Amazon (NASDAQ:Amazon), which still has a big lead. The e-commerce giant has a market share of 37.8% compared to Walmart with 6.4%, putting it well ahead of third place Apple (NASDAQ:AAPL) with 3.8% and fourth place eBay (NASDAQ:eBay) at 3%.

Walmart’s e-commerce sales, however, were up 21% year over year. The retailer doesn’t release specific numbers, but depending on who’s counting, Walmart generated $100 billion in e-commerce sales last year. Others estimate the sales at $82 billion. Either way, that’s a lot of money Walmart is making online.

Age of the chain stores Data from Brick Meets Click and Mercatus show that Walmart owned 37% of the U.S. online grocery market in the second quarter, up 1.5 percentage points from the same period last year and the highest market share Walmart has ever achieved.

Using technology for profit

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Walmart can leverage this massive platform to increase its sales even further. Global advertising revenue increased 24% in the first quarter, with Walmart Connect – its ad management program – seeing a 26% increase.

However, in April, Walmart launched its data analytics program called Luminate globally. Walmart collects a huge amount of data about its customers’ shopping habits. Since 2021, Walmart has offered U.S. retailers and suppliers access to this treasure trove of data about consumer shopping trends and the overall health of specific categories.

Using a subscription model, Walmart’s partners can gain insights into the growth of their products and channels. The retailer notes that 90% of its largest suppliers subscribe to Luminate, while some of its smaller customers account for about half of all subscriptions.

This technology is now in use worldwide and can further increase Walmart’s profits and margins.

The conclusion on Walmart shares

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In good times and bad, people need to eat. Especially in bad times, people look for the best prices to save their wallets. Most of the time, that means going to Walmart.

The leading retailer has become a true omnichannel business, reaching consumers where, how and when they want to shop. They can now leverage this information and provide it to their suppliers to help them make better decisions about the products they offer.

That leads to steady sales and profit growth, which in turn leads to a higher stock price. Walmart stock is up 28% in the past year, 30% when you include the retailer’s dividend, which yields 1.2% annually.

Over the last decade, Walmart has S&P500 by about six percentage points. However, since Walmart’s IPO, the retailer has nearly doubled the index’s return, giving investors a gain of 6,500%. A $10,000 investment in Walmart stock in 1970 would be worth over $48 million today.

There are no signs that the uptrend is changing, which is why Walmart stock is a “buy.”

At the time of publication, the editor in charge did not hold any positions (either directly or indirectly) in the securities mentioned in this article.

At the time of publication, Rich Duprey did not hold (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com’s disclosure policies.