Wealthier customers flock to Walmart to boost retailer’s sales in strong Q1 earnings
NY Post
Wealthy shoppers have flocked to Walmart in greater numbers, helping the nation’s largest retailer overcome inflation headwinds faced by rivals and fuel better-than-expected quarterly results, the company said Thursday.
Walmart said total US comparable sales rose 3.8% in its first quarter ended April 30 — with the bulk of the gains coming from households with an income of $100,000 or more.
“We are seeing customers trade into Walmart,” Chief Financial Officer John David Rainey told Bloomberg.
“We’ve historically been thought of for value, but now it’s value, quality and convenience.”
The average bill at the till was flat but the number of transactions rose.
Analysts expected those sales to climb 3.15%, according to LSEG.
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