Shares of Walmart (WMT 6.58%) jumped today after the retail giant delivered another strong earnings report that beat estimates on revenue and profit and raised its full-year forecast.

The results showed that Walmart continues to perform as well as any other retailer in a challenging environment, benefiting from the strength of its grocery business, its reputation for low prices and solid omnichannel execution.

At 10:13 a.m. ET, the stock was up 6.7% following the news.

Image source: Walmart.

Walmart is still the biggest

Walmart has been one of the most stable retailers in the market over the past few years, and that pattern continued in the second quarter, with revenue rising 4.8% to $169.3 billion, beating estimates of $168.5 billion.

Comparable sales at Walmart’s U.S. stores, which make up the bulk of its business, rose 4.2% excluding fuel, and e-commerce sales rose 21% globally, showing that the company continues to gain market share in this important market. Walmart is also gaining ground in its advertising business: Sales rose 26% globally and 30% in the U.S.

The company reduced inventory by 2%, increasing gross margin by 43 basis points to 24.4%. Operating income increased in all three segments and adjusted earnings per share rose 10% to $0.67, above the consensus of $0.65.

CEO Doug McMillon said, “Every part of our business is growing — store and club sales are growing, e-commerce is growing as we add pickup, and delivery is growing even faster as our velocity increases.” He also attributed the strong performance to strength in the third-party marketplace, advertising and membership.

Walmart expects further growth

Walmart described the consumer environment as stable overall and raised its forecast for the fiscal year. The company now expects net sales to increase between 3.75 and 4.75 percent, up from a previous range of 3 to 4 percent.

In addition, the forecast for adjusted earnings per share was raised to $2.35-$2.43 from $2.23-$2.37, which is in line with the upper consensus range and above the $2.22 in the year-ago quarter.

Investors appear to be betting that the retailer will beat that forecast as Walmart is running at full speed. The stock appears to have a good chance of continuing to move higher.