NEW YORK, Nov. 19 (Xinhua) -- Walmart ratcheted up sales and profits again in the third quarter with its comparatively low prices proving a powerful draw for shoppers seeking to cut spending where they could, reported The Associated Press on Tuesday.
"The nation's largest retailer raised its outlook for the year as well, underscoring its confidence in a strong holiday shopping season," said the report. "The company's shares rose nearly 4 percent in premarket trading Tuesday."
Walmart is among the first major U.S. retailers to report quarterly results and provides a peek into how Americans are feeling as they head into the holiday season.
Industry analysts expect consumers to show up in force, though sales may not meet last year spending levels by Americans, according to the report.
"A post-pandemic inflation spike sent prices about 20 percent higher overall compared with three years ago and it soured Americans' outlook on the economy, a key reason given by voters for sending Donald Trump back to the White House," it noted.
