Sales at Walmart in the third quarter ended October 31 rose 3.4% to $113.2bn (£71.15bn). Net income increased 4% to $6.1bn (£3.83bn).

Walmart Stores president and chief executive Mike Duke said: “Price will continue to be a major factor for US customers over the holidays. Across all of our markets, we are seeing the same price consciousness as we do in the US.

“More customers are looking for quality, value and a better life, and our EDLP model matters to these customers.”