"Some retailers are warning about shoppers pulling back on spending heading into the holiday season. Not Walmart. Executives at the big-box chain said on an earnings call Thursday that smaller sales events so far in the second half of 2025, from back-to-school deals to Halloween, have pointed to strong holiday sales. "Everything that we've seen so far makes us optimistic and encouraged about customers and members leaning into the seasonal events and holiday shopping period," CFO John David Rainey said."
"Walmart reported third-quarter same-store sales that were above analysts' expectations on Thursday. The chain has benefited as upper- and middle-income shoppers continue to visit Walmart stores, CEO Doug McMillon said. That's a more upbeat outlook than other retailers have provided lately. Chains from Home Depot to McDonald's have warned in their latest earnings reports that even middle- and high-income shoppers have been pulling back. Low-income shoppers, meanwhile, are feeling as squeezed as ever."
Walmart executives report optimism about consumer spending for the upcoming holiday season based on smaller sales events in the second half of 2025. The company said back-to-school and Halloween promotions have signaled stronger holiday demand. Walmart posted third-quarter same-store sales above analysts' expectations, driven by continued visits from upper- and middle-income shoppers. Other retailers have reported a broadening slowdown, with middle- and high-income customers pulling back and low-income shoppers remaining squeezed. Forecasts from a retail trade group anticipate record holiday sales but slower growth. Fitch cited Walmart's scale as a buffer against tariff impacts.
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