Wealthier customers pinched by inflation are switching to Walmart for groceries, boosting sales at America’s largest retailer.
Walmart (WMT) on Tuesday reported annual US sales growth of 8.2% last quarter at stores open for at least a year. The results beat Wall Street analysts’ expectations, pushing Walmart (WMT)’s stock up around 6% during pre-market trading Tuesday.
Walmart is a bellwether of consumer spending, particularly on groceries, which account for more than half of its sales.
The company said it is making “strong grocery share gains, including from high-income households.”
It’s the latest sign that the highest inflation in decades is altering shoppers’ spending habits, including wealthier customers. Food prices increased 10.9% in October from a year ago.
Other discount supermarkets and Dollar General (DG) have said they are gaining new, wealthier customers because of inflation.
This is a developing story and will be updated.
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