US retail giant Walmart has posted a sales increase for the first quarter and upped its guidance as it continues to win over upper-income consumers.
Sales for the 13 weeks to April 26, 2024, were up 3.8% while consolidated revenue for the quarter increased by 6% to reach $161.5bn (£127.5bn).
Operating income was up 9.6% and adjusted operating income increased by 13.7% during the period, driven by higher gross margins and growth across its membership income.
Walmart’s global ecommerce sales also jumped 21%, which it credited to store-fulfilled pick-up and delivery services and its marketplace.
The retailer hailed its value proposition during the quarter, which is “resonating” continually with higher-income consumers.
In terms of outlook, Walmart said it expects to be at the high end or “slightly above” its previous guidance as it now expects sales to grow between 3.5% and 4.5%, and operating income to grow between 3% and 4.5%.
Walmart president and chief executive Doug McMillon said: “Our team delivered a great quarter. Around the world our goal is simple – we’re focused on saving our customers both money and time.
“It’s inspiring to see how our associates are simultaneously executing the fundamentals and innovating to make shopping with us more enjoyable and convenient.
“We’re people-led and tech-powered, and that combination is propelling our business.”
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