46 Walmart raised its full-year forecast and reported better-than-expected quarterly results, projecting that easing inflation would boost sales of groceries and non-essential items like clothing and electronics. This optimistic outlook sent its shares soaring to a record high, marking its biggest one-day gain in four years. While concerns about waning consumer spending have surfaced among some U.S. retailers in recent weeks, Walmart has bucked the trend. The retail giant delivered a uniformly positive outlook, driving its shares up by 7% to an all-time high of $64.22. This surge, the sharpest single-day gain since March 2020, also contributed to lifting the Dow industrials past the 40,000 mark for the first time. Although U.S. consumer prices showed a modest rise in April, domestic demand has exhibited signs of cooling due to factors like higher rents, gas prices, and car insurance premiums. Despite this, Walmart’s CEO, Doug McMillon, emphasized that the company’s results were not driven by inflation. The positive results were attributed to increased visits to both physical stores and the company’s website, particularly by wealthier shoppers. Additionally, Walmart maintained price gaps against its competitors, contributing to its strong performance. In its quarterly report, Walmart announced a 3.9% increase in total U.S. comparable sales, excluding fuel, for the first quarter ended April 30. While the average bill remained flat, the number of transactions rose, surpassing analysts’ expectations. You Might Be Interested In OpenAI staff and investors swing behind Sam Altman returning as CEO Jamie Dimon says India optimism is ‘completely justified’ UPS Expands Pilot Roster Following USPS Contract Win Rockwell Automation Recognizes APAC Partners at Annual Awards Ceremony United Nations Gains Momentum in International Tax Matters, Challenging OECD Dominance Silverlake Axis expands in Indonesia with Bank Mantap partnership