Walmart posts strong quarter thanks to higher income shoppers

Walmart’s stock skyrocketed to a record high after solid quarterly results.

Transcript:

CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.

It was another record-setting day on Wall Street. The Dow, the Nasdaq, and the S&P 500 closed at new record highs - with the Dow crossing the 40,000 mark for the first time. Investors are ecstatic with a recent slowdown in inflation and a drop in weekly jobless claims, which points to a healthy labor market.

In other business headlines: Walmart took in more than $161 billion in sales during its quarter that ended in April. Revenues and profits topped forecasts - sending the stock to an all-time high.

Business was solid across the board. Walmart pointed to a particular bump from households earning more than $100,000 a year. That income bracket helped drive a 22 percent surge in online sales, which was even stronger than the growth seen during the December holidays. Analysts say America’s largest retailer is stealing market share, as inflation pushes shoppers of all incomes to its lower prices.

Walmart CEO Doug McMillion said it all boils down to pricing, in-store and online flexibility, and improved customer service - saying: “We’re people-led and tech-powered, and that combination is propelling our business.”

An industry-wide shift shows shoppers who spent the pandemic buying online have decided that’s the best way to go. And so, Walmart is offering more pickup and delivery options.

As an economic bellwether, Walmart’s results could indicate what’s to come. We’ll get quarterly results from Target next week.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.

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