NEW YORK — Walmart delivered a robust third quarter, reporting stronger-than-expected sales and profits as it continues to attract shoppers across income groups amid lingering economic uncertainty. The retail giant, which serves as a key indicator of U.S. consumer spending trends, said its performance has positioned it for a strong holiday shopping season.
The company raised its yearly financial outlook after revenue jumped nearly 6% to $179.5 billion, while profits climbed to $6.14 billion for the quarter ending Oct. 31. Executives said Walmart is gaining market share among all income levels, with notable growth from households earning above $100,000. However, lower-income consumers showed signs of strain, prompting Walmart to increase temporary price rollbacks on thousands of items.
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Walmart also announced it will transfer its stock listing from the New York Stock Exchange to the Nasdaq Global Select Market beginning Dec. 9, where it will continue trading under “WMT.” The move comes as CEO Doug McMillon prepares to retire early next year after transforming Walmart into a tech-driven retail powerhouse that competes closely with Amazon. John Furner, head of Walmart’s U.S. operations, will assume leadership on Feb. 1.
McMillon noted the company’s continued strength in e-commerce, which surged 27% globally during the quarter. He added that Walmart has effectively managed tariff-related cost pressures by adjusting product mixes and absorbing some expenses. The company now expects full-year adjusted earnings between $2.58 and $2.63 per share, higher than its earlier projection.
Shares of Walmart rose more than 6% following the strong report, signaling investor confidence in its growth trajectory despite broader retail-sector volatility. Competitors like Target and Home Depot reported mixed results this quarter as shoppers grapple with inflation and economic pressures.
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