Walmart raises forecasts, tops sales estimates as lower prices pull in shoppers

Sales at Walmart's U.S. stores open at least a year rose 6.4%, excluding fuel, in the three months ended July 31, beating estimates of a 4.44% increase, according to Refinitiv data. "Food is a strength, but we're also encouraged by our results in general merchandise versus our expectations when we started the quarter," Walmart CEO Doug McMillon said in a statement. Walmart is also benefiting from lower supply-chain costs and fewer discounts that were previously put in place to cut down excess inventory.