A Confident Walmart Boosts Annual Outlook

Walmart has reported another successful quarter, with strong sales figures surpassing expectations. The retailer earned $4.5 billion, or 56 cents per share, in the three months ending July 31, compared to $7.9 billion, or 97 cents per share, a year earlier. Sales rose 4.8% to $169.33 billion, exceeding Wall Street's estimates. US comparable store sales increased by 4.2%, while global e-commerce sales grew by 21%.

The Bentonville, Arkansas-based company also adjusted its yearly outlook upwards, projecting annual earnings per share between $2.35 and $2.43. Previous estimates were $2.23 to $2.37 per share. It now anticipates annual sales growth between 3.75% and 4.75%.

Walmart has intensified its discounts, resulting in a 35% increase in food item price rollbacks. Notably, Walmart launched its largest store-label food brand in 20 years, targeting cost-conscious younger shoppers. The Bettergoods label should consist of 300 distinct products by fall. Walmart has also revamped its "No Boundaries" back-to-school clothing line to attract Gen Z customers and reported positive movement in discretionary item sales, such as electronics and apparel. (This story was generated by Newser's AI chatbot. Source: the AP)