Walmart earnings boosted as discounts draw inflation-hit shoppers

The Bentonville, Arkansas-based retailer's consumers are continuing their purchasing patterns of buying less expensive food over general merchandise [File: Bloomberg]

Walmart slightly raised its annual profit forecast on Tuesday, partially reversing a significant decrease from less than a month earlier, as discounts to remove excess inventory and reduced petrol prices helped the mega-retailer surpass quarterly sales projections.

The stock increased 5.2 percent when the New York Stock Exchange opened Tuesday morning. Shares of competing retailers Target, Costco, and Best Buy rose, as well.