Walmart shares hit new high after financials impressed Wall Street

Walmart (NYSE:WMT) shares rose to a record high in Thursday’s trade thanks to a largely upbeat earnings report card for its second quarter.

It highlighted strong sales growth, consumer-friendly price reductions and traction with its own-labelled product lines.

Revenue for the quarter totalled $169.34 billion, up nearly 5% from the same period last year and above market expectations that were pitched at $168.63 billion.

Earnings (adjusted) per share came in at 67 cents, beating Wall Street’s consensus forecast of 65 cent.

In its accompanying statement to investors Walmart highlighted a focus on value-driven strategies, such as offering low-priced private label brands, which resonate with consumers facing economic pressures.

The supermarket chain said it has cut prices on 7,200 products, as it has sought to maintain competitive pricing and attract budget-conscious consumers.

It also described its customer base as diverse and noted that it also retains the custom of higher-income households.

Overall, Walmart reported higher foot traffic and higher spending, particularly among these higher-income consumers.

Looking ahead, Walmart raised its full-year sales growth forecast to between 3.75% and 4.75%.

In New York, Walmart stock was up $4.78 or 6.96% rising to $74.44.