Walmart, the largest U.S. retailer, has outperformed expectations and raised its future earnings outlook as Wall Street is paying close attention to spending trends among U.S. consumers ahead of the year-end shopping season.
Walmart's third-quarter revenue rose 5.5% from a year ago to $169.6 billion, above expert estimates of $167.7 billion, and earnings per share also came in at 58 cents, above expert estimates of 53 cents.
Walmart also raised its forecast for net sales growth this year to 4.8-5.1% from 3.75%-4.75% previously, in anticipation of better-than-expected sales growth in the fourth quarter, which includes the year-end shopping season.
"Customers increased their purchases per store visit, and the share of upper-income households who visited discount stores for more cautious consumption than before increased," it said of third-quarter earnings growth.
Walmart is paying keen attention to which product prices will rise, saying, "If U.S. President-elect Donald Trump's pledge to raise tariffs is realized, there is a possibility of price hikes for some items."
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