Walmart Stock Hits Record High. Earnings Impress as Wealthier Shoppers Flock to Value.
Walmart’s first-quarter earnings were “stronger than we anticipated,” said CEO Doug McMillon on a call with investors Thursday. Consumers’ persistent demand for value helped drive the results, he added, as well as ongoing gains in market share, particularly among higher-income shoppers. The company posted adjusted earnings of 60 cents a share for the quarter, ahead of analysts’ estimates for 53 cents.