Walmart raised its full-year outlook after a forecast-beating quarterly report, helping propel its shares to a record high, as stubborn inflation continues to draw in US consumers seeking to stretch their dollar further.
Executives at the world’s biggest retailer said that consumer trends observed over recent quarters mostly remained in place. Those included shoppers favouring necessities over discretionary purchases, Walmart’s increasing popularity with wealthier customers and “slightly positive” inflation.
Although the macroeconomic outlook remains uncertain, the absence of Walmart observing a severe deterioration in conditions at the start of this year provided some comfort, given the company’s reputation as a consumer bellwether.
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