Walmart Reports Record Sales and Earnings

Walmart reported strong earnings for the third quarter, with net income rising to $4.58 billion and comparable U.S. sales increasing by 5.3%, surpassing Wall Street expectations. The company's overall sales grew by 5.5% to $169.59 billion, aided by a 27% increase in global e-commerce sales. CFO John David Rainey noted that a significant portion of market share gains (75%) came from households earning over $100,000, while Thanksgiving basket costs decreased by 3% from last year. Walmart's stock reached a record high, reflecting positive consumer sentiment and expectations for the holiday shopping season. Despite ongoing inflation impacting consumer budgets, strong spending trends indicate resilience in the U.S. economy. Analysts are optimistic about Walmart's strategy of combining low prices with technological enhancements to attract customers.