Walmart raises outlook as buyers flee inflation

Company boosts its full-year sales forecast while also announcing stock shift to Nasdaq.

- BY JAEWON KANG

Walmart Inc. has increased its outlook for sales in the full year, a sign the world’s biggest retailer is winning over price-sensitive shoppers while digesting costs that it expects to rise in the coming months.

The company now sees net sales rising 4.8% to 5.1%, higher than its previous projection in August. This marks a second increase in forecast during the fiscal year.

The results are likely to alleviate some concerns that consumers are pulling back amid a cooling job market, corporate layoffs and rising prices. Rival big-box chains have warned that consumers remain cautious, increasing attention on the world’s largest retailer as it prepares to enter its next chapter under a new chief executive next year.

“We're keeping a keen eye on what’s going on with the consumer, but feeling good about our business overall,” Chief Financial Officer John David Rainey said in an interview, adding that the company is seeing higher costs. “There’s still some pressure and perhaps more pressure that we can see over the coming months.”

E-commerce was among the bright spots. Walmart continues to broaden delivery areas, lower shipping costs and expand its third-party marketplace, he said.