Walmart, the largest U.S. retail chain, raised its full-year forecasts for sales and profit, reflecting strong customer interest in groceries and other goods in stores and online. The move comes after a third consecutive outlook increase, suggesting the company is gaining market share ahead of the upcoming holidays.
Strong growth in tough times
In the third quarter ended Oct. 31, Walmart $WMT reported sales growth of 5.3% at its U.S. unit, beating analysts' expectations. The growth was fueled not only by continued interest in groceries, but also by booming demand for non-strategic products that have long been marred by high inflation. People are shopping more online, with e-commerce sales up 27%, reflecting the growing trend of shopping from the comfort of home. Walmart also reported strong interest in its health and wellness products, including weight-loss drugs.
The company's total sales were $169.59 billion, higher than the expected $167.72 billion. The company's net income increased…