Walmart lifts earnings outlook after revenues rise [Video]

The US retail giant Walmart reported a rise in revenues on Thursday on increased e-commerce and advertising sales, and raised its outlook for the year.

Given its vast size and presence across the United States, Walmart’s earnings are closely scrutinized for signs of the broader health of US consumers.

Its strong sales in the US for the second quarter of the year suggest that consumers, still contending with a post-pandemic rise in the cost of many household items, are choosing to shop at Walmart over more expensive grocery stores.

“So far we aren’t experiencing a weaker consumer overall,” Walmart chief executive Doug McMillon said during an earnings call before markets opened.

“Customers from all income levels are looking for value, and we have it,” he added.

Walmart’s revenues rose 4.8 percent to $169.3 billion in the second quarter from the same period a year earlier, it said in a statement.

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