Walmart Lifts Guidance As Wealthier Consumers Go Bargain Hunting
The cost-cutting retailer, known for its appeal to cash-strapped families, took a larger share of Americans’ grocery budgets in the quarter to Oct. 31. Three-quarters of those gains came from buyers with annual incomes of more than $100,000. executives told analysts. “Regardless of income levels, families are more price conscious now,” said Doug McMillon, Walmart’s chief executive. Like-for-like domestic sales rose 8.2% excluding fuel during the quarter. This compares with an annual increase in US consumer prices of 7....