Walmart reported a 4.8% increase in quarterly earnings to $169.3 billion, surpassing analyst expectations even as consumer spending slowed broadly in the economy.
CEO Doug McMillon stated, "So far we aren't experiencing a weaker consumer overall. Customers from all income levels are looking for value and we have it."
CFO John David Rainey indicated their customers' stability, noting, "I know everyone is looking for some piece of information that maybe indicates further weakness with our members our customers, we're not seeing it."
Walmart's ability to attract higher-income customers contributed to strong sales, with Rainey asserting that upper income households accounted for the "majority of gains."
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