Walmart earnings: Wealthier shoppers turn to Walmart for groceries


New York
CNN Business

Wealthier customers pinched by inflation are switching to Walmart for groceries, boosting sales at America’s largest retailer.


on Tuesday reported annual US sales growth of 8.2% last quarter at stores open for at least a year. The results beat Wall Street analysts’ expectations, pushing Walmart

’s stock up around 6% during pre-market trading Tuesday.

Walmart is a bellwether of consumer spending, particularly on groceries, which account for more than half of its sales.

The company said it is making “strong grocery share gains, including from high-income households.”

It’s the latest sign that the highest inflation in decades is altering shoppers’ spending habits, including wealthier customers. Food prices increased 10.9% in October from a year ago.

Other discount supermarkets and Dollar General

have said they are gaining new, wealthier customers because of inflation.

This is a developing story and will be updated.