Walmart, a key indicator of U.S. consumer sentiment, surpassed Wall Street expectations and raised its full year outlook as more shoppers bought discretionary items.
Walmart, on Tuesday, raised its outlook for the year after benefiting from increased spending on nonessential items and an uptick in pick-up and delivery orders. The company – the largest U.S. retailer and a key indicator of U.S. consumer sentiment – forecast net sales to grow between 4.8% and 5.1%, up from its prior forecast of 3.75% to 4.75% sales growth. It also continues to get a significant boost from higher earners.
The increase in discretionary spending marks a reversal of the trend seen in recent years, when inflation squeezed household budgets and forced many shoppers to focus on essential items. SAM'S CLUB SEES BOOST IN PREMIUM MEMBERSHIPS AS IT KEYS IN ON TECH INNOVATION For the prior three-month period, U.S. transactions grew 3.1%, and the average ticket increased by 2.1% year over year, according to Walmart. The company said its also gaining more shoppers, primarily from upper-income households.
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