New York — Walmart’s business is surging. Customers making more than $100,000 a year are fueling the growth.
Walmart’s US sales at stores open for at least a year grew 5.3% last quarter compared with the year prior, the company said Tuesday, and its profit grew 8.2% last quarter. Walmart raised its financial outlook, a signal it expects a strong holiday shopping season.
Walmart said it gained market share last quarter, driven “primarily from upper-income households.” Households making more than $100,000 a year accounted for 75% of the company’s gains.
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