NEW YORK – Walmart is offering some holiday cheer heading into the crucial Christmas shopping season even as many of its traditional peers struggle.
The nation’s largest retailer raised its annual profit expectations on Thursday after reporting strong third-quarter results helped by its grocery business.
The results offer the latest evidence that Walmart’s efforts to expand online grocery services are widening the gap between itself and traditional rivals. At the same time, it’s holding its own against Amazon despite the online leader’s increasing dominance.
Walmart, based in Bentonville, Arkansas, is also benefiting from overall healthy consumer spending and a strong economy.
Walmart is the first major retailer to report third-quarter results and underscores how retailers that offer low prices and convenient shopping options are holding strong with consumers. Target, T.J. Maxx’s parent and Best Buy are among the winners expected to report solid results as well. But many department store chains and mall-based clothing chains are still struggling to respond to shoppers’ increasing shift to online.