Walmart on May 18 raised its annual sales and profit outlook as the nation’s largest retailer reported strong first-quarter sales results.
The retailer’s low prices continue to draw budget-conscious consumers to snap up its groceries and other less-expensive, private-label goods.
Groceries account for more than half of Walmart’s sales. The retailer said its groceries market share is growing among higher-income shoppers and younger customers.
Comparable store sales—those from established stores and online operating over the past 12 months—rose 7.4 percent in the quarter ending April, a bit slower than the 8.3 percent during the fourth quarter. Global online sales surged 26 percent….