US retail giant Walmart reported higher quarterly revenue Thursday and raised its outlook, in a closely watched earnings report as American households feel the squeeze from rising costs of living.
The results of Walmart, which caters to buyers across income groups, are seen as a key gauge of consumer sentiment as the year-end shopping season approaches.
The company saw revenues rise 5.8 per cent to $179.5 billion for the three months ending October 31.
It lifted its outlook for the fiscal year, expecting net sales to grow between 4.8 per cent and 5.1 per cent, up from a previously anticipated 3.75 per cent to 4.75 per cent increase.
鈥榚Commerce was a bright spot again this quarter,鈥� said Walmart chief executive Doug McMillon in a statement, with the segment growing 27 per cent globally.
鈥榃e鈥檙e well-positioned for a strong finish to the year,鈥� he added.
Thursday鈥檚 report came shortly after fellow retailer Target posted a fall in quarterly sales, while home improvement chain Home Depot reported lower-than-expected demand in results earlier this week.
This had flagged some concerns about the strength of US consumption, a key driver of the world鈥檚 biggest economy in recent years.
Consumer spending, propped up by a resilient jobs market, had buoyed the economy in the wake of the Covid-19 pandemic.
But the jobs market has been cooling, while businesses find themselves squeezed by higher import costs as president Donald Trump imposed wave after wave of tariffs on different sectors and trading partners.
As the tariffs flow through the economy, consumers in turn have contended with stubborn costs 鈥� and become more price-sensitive.
