HomeIndustriesWalmart Stock Heads to All-Time High Ahead Of Labor Day

Walmart Stock Heads to All-Time High Ahead Of Labor Day

Walmart shares hit a record closing figure of $162.61 this past week, closing slightly lower at $161.56 at the start of the new month. The company’s shares are up by more than 13% this year, outpacing the Dow Jones Industrial Average’s growth of 5% and significantly beating rival Target, whose stock is down by nearly 16%.

The company’s growing grocery business has proven to make a difference, with cash-strapped consumers avoiding expensive purchases and focusing on necessities during periods of high inflation. “This is where we’re seeing that Walmart has the upper hand compared to Target,” LSEG director of consumer research Jharonne Martis observed. According to Martis, Walmart’s grocery business has boosted customer loyalty, even convincing shoppers to spend on other general merchandise.

Over the second quarter, Walmart’s same-store sales rose by 6.3%, outpacing the 4.04% rise forecast by analysts. Food purchases rose by 2.8% along with online sales.

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