Walmart gets upper-income households to buy more

Walmart’s quarterly earnings report beat Wall Street estimates on Tuesday, setting the stage for a string of retail earnings reports this week.

The nation’s largest retailer reported $168 billion of revenue for its quarter that ended on October 25, marking a 5.4% increase from the same period last year. The sales growth comes as the number of transactions is slowing but the amount customers are spending on each visit is growing.

Walmart noted that its gains are primarily coming from upper-income households.

The company also reported a 28% increase in revenue from its advertising business and a 27% increase from its e-commerce division.

Walmart’s earnings beat sent its stock up about 2.7% on Tuesday morning. Investors are awaiting earnings from other large retailers this week: Target andTJ Maxx report on Wednesday, and BJ reports on Thursday.

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