Walmart Reports Strong Q3 Sales Growth

Walmart has reported strong sales and profits for the third quarter, driven largely by higher-income consumers, with those earning over $100,000 accounting for 75% of market share gains. The retailer's revenue increased by 5.5% to $169.6 billion, surpassing analyst expectations, while adjusted earnings per share rose to $0.58. Walmart's CEO, Doug McMillon, noted significant growth in food, consumables, and general merchandise sales, alongside a notable rise in e-commerce. The company has raised its annual sales and profit forecast for the third consecutive time, anticipating net sales growth of 4.8% to 5.1% for fiscal year 2025. While analysts predict strong consumer turnout for the holiday season, they caution that overall spending may not match last year's levels due to lingering inflation concerns. Walmart's shares have increased nearly 60% this year, reflecting positive market response to its performance.