Wealthier shoppers turn to Walmart for groceries

New York CNN Business  -- 

Wealthier customers pinched by inflation are switching to Walmart for groceries, boosting sales at America's largest retailer.

Walmart (WMT)[1] on Tuesday reported annual sales growth of 8.2% last quarter at stores open for at least a year.

The company said it is making "strong grocery share gains, including from high-income households."

It's the latest sign that the highest inflation in decades is altering shoppers' spending habits, including wealthier customers.

This is a breaking news story and will be updated.

References

  1. ^ (WMT) (money.cnn.com)