Walmart makes the big-box retail business look easy. The Arkansas-based retailer long known as a discount store has not only retained its budget-hunting customer, but it’s now also going after the wealthier crowd of competitors Target and Amazon.
The company reported 6% revenue growth to $161.5 billion and a comparable sales growth of 3.8% in its first quarter Thursday, which it said was driven by upper-income shoppers. Walmart was so optimistic it raised its outlook for growth to 4% from 3% for the year and expects adjusted earnings to be $2.37 per share, up from $2.23.
