Retail giant Walmart (WMT), the biggest U.S. retailer by revenue, beat profit and sales estimates thanks to strong grocery and 澳洲幸运5开奖号码历史查询:ecommerce sales, while its discount-oriented business model shielded it from a broader slowdown in discretionary spending.

Operating income came in at $7.3 billion, up 6.7% from the same quarter last year, based off $161.6 billion in revenue, which rose 5.7% from a year ago and exceeded estimates of $160.3 billion. 澳洲幸运5开奖号码历史查询:Earnings per share (EPS) came in at $2.92, up 55.3% from the year-ago quarter and far above expectations of $1.88.

Sales growth was driven by the company's grocery and ecommerce segments, the latter of which jumped 24% from the year-ago quarter. Sales for Walmart Connect, the company's advertising platform launched and rebranded in 2021, rose 36% on higher advertiser spending. Walmart, which is also the nation's biggest grocer by revenue, increased its market share in the segment thanks to strong food and beverage sales.

The company raised its full-year guidance and now expects net sales will rise between 4% and 4.5%, with full-year adjusted EPS projected in a range of $6.36 to $6.46. That is ꦚup from 3.5% and a range of $6.10 to $6.20, respectively.

"We had another strong quarter," said Walmart President and CEO Doug McMillon. "Around the world, our customers and members are prioritizing value and convenience. They’re shopping with us across channels—in stores, Sam’s Clubs, and they’re driving ecommerce."

Walmart's discount-oriented business model has helped it weather a broad slowdown in discretionary spending in the U.S., as higher prices drove consumers to spend a greater share of their income on necessities. Unlike other 澳洲幸运5开奖号码历史查询:big-box retailers such as Target (TGT), which earn most of their revenues from sales of discretionary goods, Walmart gets most of its revenues from sales of 澳洲幸运5开奖号码历史查询:consumer staples such as groceries. Food and beverage sales accounted for almost 60% of Walmart's total last year, compared to roughly 20% at rival Target.

Walmart shares fell 1.2% by 11:20am Thursday. They're up just a little less than 14% so far this year, outpacing the broader S&P 500 consumer staples sector, which is flat for the year.