STORY: A strong quarter and outlook from Walmart.
Thursday the retail giant posted better than expected results in the first quarter and raised its sales and profit targets for the full year as shoppers looked for bargains on groceries.
Walmart said it gained market share in food and other essentials including with younger shoppers and those with higher incomes and generated growth in its Walmart+ membership program and memberships at Sam’s Club stores.
This comes as the company has been remodeling stores, redesigning its website and app, and providing free delivery and even discounted gasoline at some locations.
Walmart executives say consumers are spending more on food and less on general merchandise and expressed some concern about what they called “stubborn” inflation.
Health and wellness products sold well too with new diabetes drugs proving popular.
Walmart’s stock rose 2-percent in morning trading.