Walmart has once again raised its annual sales forecast, citing stronger-than-expected consumer spending on non-grocery items, increased home delivery orders, and early holiday shopping. The retail giant now anticipates net sales growth between 4.8% and 5.1% for the fiscal year, up from its previous projection of 3.75% to 4.75%.

The updated outlook was announced alongside third-quarter earnings that surpassed Wall Street expectations. Chief Financial Officer John David Rainey noted that general merchandise sales increased year-over-year for the second consecutive quarter, reversing a decline that spanned 11 quarters. However, he highlighted that customers remain price-sensitive, waiting for deals, particularly as food prices remain elevated.

“We’re expecting this holiday period to be very consistent with that,” Rainey said, emphasizing shoppers’ focus on price and value.

Walmart’s strong performance propelled its shares up by about 3% in early trading, reaching a 52-week high and setting a new all-time intraday record since the company began trading on the New York Stock Exchange in 1972.

For the quarter ending October 31, Walmart reported a sharp increase in net income, rising to $4.58 billion, or 57 cents per share, compared with $453 million, or 6 cents per share, a year earlier. Revenue climbed to $164.05 billion, up from $160.80 billion in the same period last year.

Comparable sales, a key industry metric, grew 5.3% for Walmart U.S. and 7% at Sam’s Club (excluding fuel). Walmart also reported higher customer engagement, with U.S. transactions rising 3.1% and average ticket size increasing 2.1% year-over-year.

US budget airline Spirit Airlines has filed for bankruptcy protection, citing prolonged financial losses and failed merger attempts. The Florida-based carrier announced on Monday that it has secured an agreement to restructure its debt and raise funds during a Chapter 11 bankruptcy process, expected to conclude by early 2025.

Spirit assured customers that its operations will continue as normal throughout the process, with no impact on passenger travel, employee wages, or payments to aircraft leasing firms.

This marks the first bankruptcy filing by a US airline in over a decade, with the last major case being American Airlines’ 2011 filing to address labor costs and high fuel prices. Spirit, however, has faced unique challenges, including intensified competition in the budget travel sector and engine-related mechanical issues that have grounded aircraft and increased operating expenses.

The airline has not posted a full-year profit since the onset of the COVID-19 pandemic and reported losses of approximately $360 million (£285 million) in the first half of 2024, despite strong demand for budget travel.

As part of its restructuring, Spirit will be delisted from the New York Stock Exchange in the near future, and its stock shares will be canceled without value.

The airline remains optimistic that the Chapter 11 process will help it emerge more financially stable, ensuring continued service to its customers and support for its employees.

President-elect Donald Trump has announced the appointment of Chris Wright, a notable figure in the oil and gas industry, as his nominee for Secretary of the US Energy Department. Wright’s leadership is expected to align with Trump’s long-standing pledge to amplify fossil fuel production, encapsulated in the campaign slogan “Drill, baby, drill.”

Chris Wright is the founder and CEO of Liberty Energy, a prominent company specializing in hydraulic fracturing, or “fracking,” which supports the extraction of oil and natural gas from shale fields. Wright’s industry expertise dates back to the early days of the American Shale Revolution, a movement credited with driving the nation’s energy independence and reshaping global energy markets.

In a statement, Trump praised Wright’s contributions: “Chris was one of the pioneers who helped launch the American Shale Revolution that fueled American Energy Independence and transformed the Global Energy Markets and Geopolitics. As Secretary of Energy, Chris will be a key leader, driving innovation, cutting red tape, and ushering in a new Golden Age of American Prosperity and Global Peace.”

Wright’s views on energy and climate have sparked discussions, as he has been vocal in expressing skepticism about climate change. He has stated that his primary focus is ensuring energy is “secure, reliable, affordable, and betters human lives,” regardless of its source. In a 2023 video on his LinkedIn profile, Wright emphasized, “There is no climate crisis, and we’re not in the midst of an energy transition either.”

The Trump campaign also unveiled plans to establish a new Council of National Energy, with Wright set to play a significant role. This council will aim to chart the path toward US energy dominance by eliminating regulatory barriers and boosting private sector investments across all sectors of the economy.