Walmart shines in rough retail environment, ratchets up outlook after strong first quarter

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Walmart reported strong first-quarter sales results as the nation’s largest retailer’s low-prices continue to draw budget conscious consumers in a challenging economic environment of stubbornly high inflation. The company beat Wall Street expectations Thursday and boosted its annual profit and sales outlook. Comparable store sales — those from established stores and online operating over the past 12 months — rose 7.4% in the quarter ended April. Global online sales surged 26%.Other major retailers posted quarterly results this week, and there was a marked slowdown in spending, an environment in which Walmart, based in Bentonville, Arkansas,  can thrive due to its focus on low prices and a focus on necessities like groceries.