Walmart reports solid sales and profits
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The food discounts were part of 7,400 temporary price reductions during the quarter, company executives told investors.
Households earning more than $100,000 made up 75% of the company’s market share gains in the fiscal third quarter, Walmart CEO Doug McMillon said on the company’s earnings call in November.
Walmart on Thursday raised its fiscal year sales and profit forecast, driven by strong demand from shoppers across all income levels, who have turned to the world's largest retailer as they worry about rising costs.
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Shoppers know Walmart to be one thing. It’s the go-to store that offers deep discounts, on food, clothes, electronics, and more. Walmart is the one-stop shop to get everything you want and need, and more than likely,
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Investors and analysts expect the retailer to report earnings of 74 cents a share, up nearly 11 per cent from a year ago, and revenue of $176.16 billion, up 4 per cent. Sales fell slightly short of expectations in Walmart's last quarter, but July's retail sales report bolstered analysts' confidence in current spending trends.