WASHINGTON: Walmart Inc raised its annual outlook as a robust economy boosted purchases at its stores and website and the retailer picked up market share in food and other groceries, earning praise from US President Donald Trump.
The world’s largest retailer posted better-than-expected earnings, comparable sales and e-commerce growth in its largest market during the third quarter. It has now posted a more than five-year streak of US growth, unmatched by any other retail chain.
Walmart’s shares were up 1 per cent in mid-morning trade, and helped lift other retailers, including Target Corp and Macy’s Inc.
Trump used Walmart’s performance to say US tariffs, imposed by his administration on imports from China, have had little impact on consumers. “Walmart announces great numbers. No impact from Tariffs (which are contributing $Billions to our Treasury)...,” Trump said in a tweet.
Consumer spending going in to the crucial holiday season remains healthy, Chief Financial Officer Brett Biggs said in an interview on Thursday. Retailers earn a sizeable chunk of their annual revenue during November and December.
“The consumer remains in pretty good shape, employment situation is good, fuel prices are low... wage growth is pretty good,” he said. — Reuters
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