Walmart shares rose 8% to a record high of $74.44 on Thursday after the retailer raised its annual sales and profit forecasts, citing strong consumer demand despite inflation concerns. The world’s largest retailer reported second-quarter earnings of 67 cents per share, beating expectations. Total sales rose 4.8% to $169.3 billion.
Walmart’s U.S. sales rose 4.2 percent, buoyed by higher-income shoppers, beating analysts’ forecasts. The company also saw online sales rise 22 percent. Chief Financial Officer John David Rainey noted that consumer spending remained stable, in contrast to cautious forecasts from rivals such as Amazon and Home Depot.
Walmart now forecasts full-year sales growth of between 3.75 percent and 4.75 percent, above previous estimates, underscoring the company’s market strength amid economic uncertainty.
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