Walmart profits rise on strong sales from wealthier shoppers

New York: Walmart reported higher profits Thursday behind solid gains at US stores as the retail giant pointed to increased purchases by wealthier sho...

New York: Walmart reported higher profits Thursday behind solid gains at US stores as the retail giant pointed to increased purchases by wealthier shoppers and an uptick in e-commerce sales.

Profits more than tripled to $5.1 billion for the quarter ending April 30 on a six-percent rise in revenues to $161.5 billion. Earnings in the 2023 period were dented by exceptional losses in equity investments.

Walmart's gains with wealthier customers reflect marketing efforts to broaden its consumer profile and come against an inflationary backdrop that has prompted bargain-hunting.

The company has also invested heavily in e-commerce, which can be accessed by in-store pickup or through delivery benefits under a subscription program intended to rival Amazon's "Prime" membership.

"Our team delivered a great quarter," said Chief Executive Officer Doug McMillon in a press release. "Around the world our goal is simple -- we're focused on saving our customers both money and time."