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Wealthy shoppers have flocked to Walmart in greater numbers, helping the nation’s largest retailer overcome inflation headwinds faced by rivals and fuel better-than-expected quarterly results, the company said Thursday.

Walmart said total US comparable sales rose 3.8% in its first quarter ended April 30 — with the bulk of the gains coming from households with an income of $100,000 or more.

We are seeing customers trade into Walmart, Chief Financial Officer John David Rainey told Bloomberg.

Weve historically been thought of for value, but now its value, quality and convenience.

The average bill at the till was flat but the number of transactions rose.

Analysts expected those sales to climb 3.15%, according to LSEG.

Wealthier customers also boosted the retailer’s online sales, accounting for most of the 22% spike in e-commerce sales in the quarter, the company said.

The Bentonville, Ark.-based behemoth raised its full-year forecast, sending shares of the company soaring 6.5%.

Growth was driven by its pickup and delivery services and increased sales of items like men’s, women’s and kids’ apparel through its third-party marketplace, which now offers more than 420 million items of mostly discretionary products. 

These are not inflation-driven results, chief executive Doug McMillon said on an earnings call.

Whether the environment is inflationary or deflationary, whether customers have more money or less money, if were doing a good job on the items and prices and the service we provide the company will continue to grow, he said.

While overall retail sales in the US were flat in April compared with the previous month, inflation has seemingly begun to lose steam. 

The Consumer Price Index, which tracks goods and service costs, rose 3.4% in April from a year ago easing from the previous months 3.5% spike and in line with economists forecasts.

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The question is as inflation eases up will the retailer be able to hold on to these newer customers, Edward Jones analyst Brian Yarbrough said.

Historically, Walmart has not been able to keep them after recessions end, but maybe this time is different as the speed of its delivery improves and its marketplace gives them access to better merchandise. 

While Americans have generally managed to navigate through higher prices, prolonged inflation has sparked worries that lower-income consumers might be more pressured and potentially slow down an anticipated recovery in spending.

Walmart executives said that lower-income consumers maintained their spending habits in the quarter but tended to prioritize cheaper items.

They also noted that the price gap between eating at home and dining outside had increased, boosting its grocery business which accounts for about 60% of total revenues.

A 45% increase in the number of food and consumables items it offered on discounts, which it calls rollbacks, in April resonated strongly with shoppers.

“As we continue to work closely with our suppliers to lower cost, we’re managing our … competitive price gaps and customers are responding favorably, resulting in sustained sales growth and higher gross margins,” Walmart’s finance chief John David Rainey said.

Walmart has likely also gained market share at rival Targets expense, Yarbrough said.

A backlash against the company over its LGBTQ themed merchandise resulted in August in the company’s first quarterly loss in six years.

This month, Target is moving most of its LGTBQ merchandise in honor of Pride in June online, according to a Bloomberg report.

Despite the strong earnings, Walmart announced this week that its slashing several hundred jobs at its headquarters and asking remote workers to return to the office, consolidating most of its corporate offices into three locations as it revamps its corporate campus in Bentonville.

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Stars rule forward Hintz out for Game 3 vs. Oilers

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Stars rule forward Hintz out for Game 3 vs. Oilers

EDMONTON — Dallas forward Roope Hintz has been ruled out for Game 3 of the Stars’ Western Conference finals series against the Edmonton Oilers on Sunday.

Hintz was a game-time decision for Dallas after leaving the third period of Game 2 on Friday with an injury. The center took a slash from Edmonton defenseman Darnell Nurse less than four minutes into that final frame and was helped off the ice without appearing to put weight on his left leg.

Stars’ coach Pete DeBoer said on Saturday they were awaiting test results on Hintz before determining his status for Game 3. Hintz travelled with the team from Dallas and arrived at Rogers Place on Sunday without wearing a walking boot.

DeBoer still declared Hintz’s status uncertain about an hour before puck drop. Hintz took warmups with the Stars before Game 3 but left several minutes early without participating in line rushes.

Hintz has five goals and 11 points in 15 postseason games and ranked fourth on the Stars in regular-season scoring with 28 goals and 67 points in 76 games.

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Hurricanes: ‘Tough look’ not sticking up for Aho

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Hurricanes: 'Tough look' not sticking up for Aho

FORT LAUDERDALE, Fla. — The Carolina Hurricanes regretted not sticking up for star center Sebastian Aho when he was mauled by Florida Panthers winger Matthew Tkachuk late in their Game 3 loss on Saturday night.

In the third period, with the Panthers cruising to a 6-2 win and a 3-0 lead in the Eastern Conference finals, Tkachuk went after Aho with a series of shoves and cross-checks, eventually putting him in a headlock and bringing him down to the ice. The incident was seen as retaliation for Aho’s low hit on Florida’s Sam Reinhart that injured him in Game 2 and kept the forward out of the lineup on Saturday.

“I don’t really look at it as intent or intimidation at all. It’s just sticking up for teammates,” said Tkachuk, who was given a roughing penalty and a 10-minute misconduct. “We’re a family in there. It could happen to anybody and there’s probably 20 guys racing to be the guy to stick up for a teammate like that. That’s just how our team’s built. That’s why we’re successful. I don’t think any of us would be thrilled at that play in Game 2.”

But while Tkachuk was on top of Aho, who remained in the game, there was no chaotic response from the Hurricanes, nor any retaliation for the rest of the game. Carolina forward Taylor Hall said, in hindsight, there needed to be some reaction.

“I think what happened is that we don’t want to take penalties after the whistle, and they’re very good at goading you into them. But we have to support each other and make sure all five of us are having each other’s backs,” Hall said. “That was a tough look there, but we’ll battle for each other to no end.”

Coach Rod Brind’Amour said there needed to be a response, especially since the game was all but over on the scoreboard

“In that situation, there probably does. There’s a fine line. You don’t want to start advocating for that kind of hockey, necessarily. But with the game out of hand, yes, we have to do a better job of that with the game out of hand,” he said.

The Hurricanes face elimination on Monday night in Sunrise. They also face a 16th straight loss in the Eastern Conference finals, a streak that stretches back to 2009.

“We’re going to give our best tomorrow,” Hall said. “I think that we have a belief in our room, honestly. We’re playing for our season.”

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Horse trainer Clement dies from rare eye cancer

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Horse trainer Clement dies from rare eye cancer

Christophe Clement, who trained longshot Tonalist to victory in the 2014 Belmont Stakes and won a Breeders’ Cup race in 2021, has died. He was 59.

Clement announced his own death in a prepared statement that was posted to his stable’s X account on Sunday.

“Unfortunately, if you are reading this, it means I was unable to beat my cancer,” the post said. “As many of you know, I have been fighting an incurable disease, metastatic uveal melanoma.”

It’s a type of cancer that affects the uvea, the middle layer of the eye. It accounts for just 5% of all melanoma cases in the U.S., however, it can be aggressive and spread to other parts of the body in up to 50% of cases, according to the Melanoma Research Alliance’s website.

The Paris-born Clement has been one of the top trainers in the U.S. over the last 34 years. He learned under his father, Miguel, who was a leading trainer in France. Clement later worked for the prominent French racing family of Alec Head. In the U.S., he first worked for Hall of Fame trainer Shug McGaughey.

Clement went out on his own in 1991, winning with the first horse he saddled at Belmont Park in New York.

“Beyond his accomplishments as a trainer, which are many, Christophe Clement was a kind and generous man who made lasting contributions to the fabric of racing in New York,” Dave O’Rouke, president and CEO of the New York Racing Association said in a statement.

Clement had 2,576 career victories and purse earnings of over $184 million, according to Equibase.

“I am very proud that for over 30 years in this industry, we have operated every single day with the highest integrity, always putting the horses’ wellbeing first,” he wrote in his farewell message.

One of his best-known horses was Gio Ponti, winner of Eclipse Awards as champion male turf horse in 2009 and 2010. He finished second to Zenyatta in the 2009 Breeders’ Cup Classic.

In the 2014 Belmont, Tonalist spoiled the Triple Crown bid of California Chrome, who tied for fourth. Tonalist won by a head, after not having competed in the Kentucky Derby or Preakness that year.

Steve Coburn, co-owner of California Chrome, caused controversy when he said afterward the horses that hadn’t run in the other two races took “the coward’s way out.” He later apologized and congratulated the connections of Tonalist.

Clement’s lone Breeders’ Cup victory was with Pizza Bianca, owned by celebrity chef Bobby Flay, in the Juvenile Fillies Turf. Clement had seven seconds and six thirds in other Cup races.

“It was Christophe’s genuine love for the horse that truly set him apart,” Eric Hamelback, CEO of the National Horseman’s Benevolent and Protective Association, said in a statement. “He was a consummate professional and a welcoming gentleman whose demeanor was always positive, gracious and upbeat.”

Clement’s statement said he would leave his stable in the hands of his son and longtime assistant, Miguel.

“As I reflect on my journey, I realize I never worked a day in my life,” Clement’s statement said. “Every morning, I woke up and did what I loved most surrounded by so much love.”

Besides his son, he is survived by wife Valerie, daughter Charlotte Clement Collins and grandson Hugo Collins.

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