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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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.

JetBlue Airways raises bag fees as fuel prices soar

As CNBC reported, when one airline raises fees, others tend to follow.

JetBlue did not immediately respond to a request for comment.

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