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Walmart keeps growing with shoppers making more than $100,000 a year

  • CNN
  • November 19, 2024
New York

CNN

 — 

Walmart's business is surging. Customers making more than $100,000 a year are fueling the growth.

Walmart's US sales at stores open for at least a year grew 5.3% last quarter compared with the year prior, the company said Tuesday. Its profit grew 8.2% last quarter. Walmart raised its financial outlook, a signal it expects a strong holiday shopping season.

Walmart said it gained market share last quarter, driven "primarily from upper-income households."

Low and middle-income shoppers have traditionally formed the core of Walmart's customer base, and they are flocking to Walmart. But Walmart has also focused on expanding with people making more than $100,000 a year in recent years.

Walmart has drawn higher-income customers with low prices on groceries and an expanded array of clothing, electronics, home furnishings and other goods. It has also built a strong online business to rival Amazon. Walmart has added buy online, pickup in store to thousands of its locations and Walmart+, a same-day grocery delivery membership program.