Walmart Inc. said inflation-weary shoppers continued to buy groceries at its stores in the most recent quarter, though many held back from purchasing other merchandise despite steep discounts on apparel, electronics and home goods.
The company nudged up its annual profit forecast on Tuesday, partly reversing a hefty cut less than a month ago. Walmart shares, which have fallen by more than 8 percent this year, rose 5 percent in morning trading. Shares of rivals Target Corp., Costco, and Best Buy also climbed by 1 percent to 3 percent on the news.
