Walmart views wealthier customers as crucial for boosting holiday sales
Date
11/23/2024 6:26:44 AM
(MENAFN) Walmart’s industry keeps developing, and the country’s biggest retailer has bigger-income shoppers to thank for it.
Customers from households gaining over USD100,000 made up 75 percent of Walmart’s market share profits in the third quarter, head executive Doug McMillon stated Tuesday throughout the industry’s third-quarter profits call.
That might position Walmart for a positive holiday season.
“The fourth quarter will be fun to watch,” McMillon stated, noting that the company projects “it will be similar to the kind of momentum that we’ve seen in the first three quarters.”
Walmart US’s same-store sales developed 5.3 percent through the past year.
The Bentonville, Arkansas-based seller increased its full-year estimate from 4.8 percent to 5.1 percent sales growth.
The stock price was surged almost 3.8 percent in late morning trading.
Walmart, which is known as a bellwether for the health of US consumers, is drawing more shoppers for grocery and general merchandise, signaling that shoppers of all wages levels remain price and deals-driven, especially leading into the holidays.
Even as inflation drops, prices stay greater than pre-pandemic levels and costumers are looking to trade-down on household necessities, apparel as well as holiday decor.
MENAFN23112024000045016755ID1108917705
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.