Walmart raised its full-year forecast Thursday, as fiscal first-quarter sales rose nearly 8% and its large grocery business helped offset weaker sales of clothing and electronics.
Shares of the company rose about 3% in premarket trading, as the company beat Wall Street’s earnings and revenue expectations.
Walmart lifted its guidance to reflect the earnings beat. It said it now anticipates consolidated net sales will rise about 3.5% in the fiscal year. It expects adjusted earnings per share for the full year will be between $6.10 and $6.20, roughly in line with analysts’ expectations, according to Refinitiv.
Chief Financial Officer John David Rainey said consumers are trading down to…