Walmart heads into official start of holiday season with strong momentum after robust 3Q results
Walmart ratcheted up sales and profits again in the third quarter with its comparatively low prices proving a powerful draw for shoppers seeking to cut spending where they could
NEW YORK (AP) — Walmart is heading into the official start of the holiday shopping season with strong tailwinds after ratcheting up better-than-expected fiscal third-quarter sales in many items including toys, home goods and groceries.
The robust results, announced Tuesday, underscore how Walmart's comparatively low prices have become a powerful draw for shoppers seeking to cut spending where they could in a still inflationary environment.
The nation’s largest retailer, based in Bentonville, Arkansas, also raised its outlook. The company's shares rose more than 4%, or $3.67, to $87.75 in morning trading, after reaching an all-time high of $88.29 earlier.
“We’re encouraged by the steady momentum building across the business,” Walmart's Chief Financial Officer John David Rainey told analysts during Tuesday's earnings call.
