Walmart Raises Full-Year Outlook as Holiday Shopping Boosts Sales

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.