Walmart $WMT ( ▲ 6.4% ) delivered a stronger-than-expected quarter, showing that American shoppers are still packing its aisles even as other retailers warn of softer demand. Sales hit $179.5 billion, beating the Street’s $177.4 billion estimate, and comparable-store sales rose 4.2%, slightly ahead of forecasts.
The company also nudged its full-year sales outlook higher. Walmart now expects up to 5.1% growth, up from its previous high end of 4.75%. Adjusted earnings per share landed at $0.62, topping the $0.60 analysts were looking for.
Shares slipped at first but quickly reversed, climbing about 3% in premarket trading. Walmart is now up more than 11% year-to-date, helped by strong store traffic and an online business that keeps accelerating. E-commerce sales rose 27% in the quarter, a segment strengthened under longtime CEO Doug McMillon, who is stepping down. Amazon $AMZN ( ▼ 1.43% ) remains its fiercest digital rival.
The results arrive as economists grow more cautious about consumer spending. Target $TGT ( ▼ 2.47% ) and Home Depot $HD ( ▼ 0.38% )
have already warned that shoppers are pulling back, but Walmart’s numbers suggest value-focused households are still holding up.
The company also announced it will shift its listing to the Nasdaq on December 9 while keeping the same ticker. For a retailer built on low prices, Walmart $WMT keeps delivering high expectations.