(SCHIFF GOLD) – Walmart recently announced better-than-expected third-quarter sales growth. This may seem like great economic news until you realize the reason behind the retailer’s big jump in sales. As it turns out, wealthier shoppers are flocking to Walmart to make ends meet as rising prices squeeze pocketbooks.
In its earnings report, Walmart said it is making “strong grocery share gains, including from high-income households.”
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“Customers who came to us less frequently in the past are now shopping with us more often, including high-income customers,” Walmart CEO Doug McMillon said on a Tuesday call with investors and analysts.
