Walmart lifts forecast as it wins US grocery consumers due to inflation
Walmart has gained market share in US grocery with higher income shoppers in an inflationary period – Copyright GETTY IMAGES NORTH AMERICA/AFP/File JOE RAEDLE
Walmart raised its full-year profit forecast on Thursday following strong sales growth in the United States fueled by gains in grocery and other household staples.
The giant US retailer, which has been seen as a winner in a period of consumer inflation pressure because of its ability to keep prices lower through economies of scale, pointed to gains in grocery market share in the United States with higher-income households.
While Walmart raised its outlook, executives cautioned that shoppers remain pressured following a lengthy stretch of inflation that has lifted prices considerably over the last two years.
“At the headline level, consumer spending has proven resilient,” Chief Financial Officer John David Rainey said on a conference call with analysts. “But below the surface, we continue to see signs that