New York
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Walmart is proving to be America’s antidote to the cost of living crisis.
A growing number of Americans are heading to Walmart for groceries and clothing as inflation and high prices squeeze their budgets: Walmart’s business in the United States is surging and it’s gaining market share from rivals, the company said Thursday in its quarterly financial report.
Walmart’s gains have been led by middle-class and upper-income households turning to its stores and website to try to save money.
Last quarter, Walmart’s US sales increased 4.5%. Walmart saw an uptick in customer trips to stores, and shoppers spent more when they visited.
Walmart also raised its sales and profit guidance, signaling it expects a strong holiday shopping season.
This is a breaking news story and will be updated.
