Walmart lifts full-year sales and profit forecast, shares hit record high


Walmart raised its full-year forecast and reported better-than-expected first-quarter results on Thursday, betting that easing inflation will drive stronger sales of groceries and non-essential merchandise like clothing and electronics, sending its shares to a record high.

Telsey Advisory analyst Joseph Feldman said Walmart’s strong results could bode poorly for the rest of retail as its performance indicates it is taking market share. Target (TGT.N), opens new tab reports results on May 22.

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