NEW YORK - Walmart raised its full-year forecast as it posted another quarter of solid results, grabbing market share in groceries and other staples against a backdrop of inflationary pressures.
The big retailer, which has been seen as well-positioned amid a period of pricing pressure because of its reputation for value, enjoyed another quarter of growing sales at its namesake US stores.
Walmart reported second-quarter profits of $7.9-billion, up 53 percent from the year-ago period, a time marred by excess inventories due in part to pandemic supply chain issues.
Revenues rose 5.7 percent to $161.6-billion.
Although inflation has retreated somewhat from its levels a year ago, executives described the US consumer as discriminating, having shifted behaviours compared with pre-pandemic life.
Shoppers are preparing more meals at home, which not only supports demand for groceries, but also lifts sales of kitchen tools such as hand blenders and mixers, executives said.
The chain has also seen an uptick of its Walmart-branded items for household staples such as mustard and potato chips, which have lower sticker prices compared with other brands' offerings.
"Customers are stretching their dollars further and sticking better value across more categories," said Chief Financial Officer John David Rainey on a conference call with analysts.