Walmart raises profit expectations as more Americans hunt deals in sluggish economy

NEW YORK (AP) — Walmart delivered another standout quarter, posting strong sales and profits that blew past Wall Street expectations as it wins over more cash-strapped Americans who have grown increasing anxious about the economy.

With other retailers dialing back projections, the nation’s largest retailer raised its financial outlook Thursday, setting itself up for a strong holiday shopping season.

Walmart Inc., based in Bentonville, Arkansas, also said Thursday that it will be transferring the listing of its common stock to the tech-heavy Nasdaq from the New York Stock Exchange. It expects its common stock to begin trading on the Nasdaq Global Select Market on December 9, under the the same ticker symbol “WMT.”

CEO Doug McMillon, who surprised investors with plans to retire early next year, has reshaped Walmart itself as tech-powered retail giant that has leaned heavily into automation and artificial intelligence.