Wealthier customers pinched by inflation are switching to Walmart for groceries, boosting sales at America’s largest retailer. Walmart\n \n on Tuesday reported annual US sales growth of 8.2% last quarter at stores open for at least a year. The results beat Wall Street analysts’ expectations, pushing Walmart\n \n ’s stock up around 6% during pre-market trading Tuesday.
Other discount supermarkets and Dollar General\n \n have said they are gaining new, wealthier customers because of inflation. Walmart said that its private-brand sales grew, a signal that customers were switching from pricier name brands to cheaper store labels. Many shoppers also prioritized groceries and daily essentials over higher-priced discretionary items.
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