What: Walmart's shares hit a record high as the company raised its earnings forecast.

Why it is important: Amid persistent inflation, Walmart's robust performance serves as a bellwether for the retail industry, demonstrating the company's strategic prowess in attracting cost-conscious consumers and managing its operations effectively.

Walmart has seen a significant boost in its financial outlook, prompting the retailer to raise its earnings forecast, which in turn propelled its shares to a record high. The company reported a 6% increase in first-quarter revenues to $161.5 billion, surpassing expectations, and a notable rise in net income to $5.1 billion. These results were aided by strategic inventory management and an appeal to wealthier consumers, alongside a focus on necessities rather than discretionary goods. CFO John Rainey highlighted that the growth was driven

Walmart’s shares hit record high as retailer raises its earnings forecast