Walmart Inc raised its annual sales and profit targets on Thursday as shoppers snapped up its low-priced groceries and other essentials.
While prices for food eaten at home fell for the second-straight month in April, they remain elevated at 7.1% above a year ago, data from the Commerce department showed last week.
This is helping it gain wealthier households and Gen Z customers, who are looking for both low price and convenience, such as grocery delivery and curbside pickup, CEO Doug McMillon said on a post-earnings call. CFO John David Rainey said sales at the remodeled stores were "a couple of percentage points" higher than those not remodeled.
Rainey said he expects this trend to continue over the back half of the year. CEO Doug McMillon said he remained "uncertain" as inflation remained "stubborn" in dry groceries and items made for immediate consumption.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Here are Thursday's biggest analyst calls: Tesla, Amazon, Netflix, Walmart, Nvidia, FedEx, Meta & moreHere are Thursday's biggest calls on Wall Street.
Read more »
Walmart Lifts Full-Year Outlook as Quarterly Sales SurgeWalmart’s sales surged in the most recent quarter, a sign that the nation’s largest retailer by revenue is hoovering up customers looking for lower prices
Read more »
Walmart stock rises after beating earnings expectations and raising full-year profit outlook, while current-quarter view was below forecastsShares of Walmart Inc. climbed 1.4% in premarket trading Thursday, after the discount retail giant reported fiscal first-quarter results beat expectations...
Read more »
Walmart’s stock rally and Cisco’s stock selloff after earnings are a net 20-point positive for the Dow’s priceThe Dow Jones Industrial Average is getting a net 20-point boost Thursday from its components that reported earnings, with Walmart Inc.’s stock-price gain...
Read more »
Target stock falls after it was one-upped by rival Walmart’s raised full-year profit outlookShares of Target Corp. fell $3.60, or 2.2%, in morning trading Thursday, after the discount retailer was one-upped by rival Walmart Inc.’s full-year earnings...
Read more »
Walmart CEO on higher costs for basics: 'We all need those prices to come down'Walmart Inc.'s chief executive sounded the alarm about the possible impact on demand on Thursday, saying, "We all need those prices to come down."
Read more »