Walmart beat earnings and revenue expectations as it capitalizes on its low-priced reputation with consumers looking for value.
It is better insulated from shoppers' changing tastes and reactions to economic factors like high inflation because it sells more everyday staplesRainey said he continues to be surprised by consumers and their "willingness to spend." But he added they still want to to save money.
While general merchandise trends are improving, sales are still down by low single digits year over year, he said. Food prices remain steady, but general merchandise prices have dropped compared with last year, Rainey said. Some staple grocery items, however, have fallen.
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